9 NYCRR § 2521.1 — Initial legal regulated rents for housing accommodations (Rent Stabilization Code, via Cornell LII)

(g) The initial legal regulated rent for a
housing accommodation subject to this Title constructed pursuant to section

of the Real Property Tax Law shall be the initial adjusted monthly rent charged
and paid but not higher than the rent approved by HPD, when applicable,
pursuant to such section for the housing accommodation or the lawful rent
charged and paid on April 1, 1984, whichever is later.421-a

(h) The initial legal regulated rent for
housing accommodations subject this Code solely as a condition of receiving or
continuing to receive benefits pursuant to section 11-243 (formerly J51-2.5) or
11-244 (formerly J51-5.0) of the Administrative Code, as amended, shall be the
rent charged the initial rent-stabilized tenant or the lawful rent charged and
paid on April 1, 1984, whichever is later, and shall not be subject to a Fair
Market Rent Appeal pursuant to section
of this Title. However, as
to any housing accommodation which previously received tax benefits pursuant to
section 11- 243 (formerly J51-2.5) or 11-244 (formerly J51-5.0), was not
covered by the provisions of the RSL on June 18, 1985, and was made subject to
such law by the provisions of chapters 288 and 289 of the Laws of New York for
the year 1985 (as amended), the initial legal regulated rent shall be the rent
charged and paid on May 30, 1985, or the maximum rent which could have been
charged if the housing accommodation had been continuously subject to the RSL
for the entire tenancy of the tenant in occupancy on May 30, 1985, whichever is
greater.2522.3