9 NYCRR § 2502.4 — Adjustment of legal regulated rent (Emergency Tenant Protection Regs., via Cornell LII)

Citation
9 NYCRR § 2502.4 — Adjustment of legal regulated rent (Emergency Tenant Protection Regs., via Cornell LII)
Jurisdiction
New York (state)
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Original Source
https://www.law.cornell.edu/regulations/new-york/9-NYCRR-2502.4 ↗

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N.Y. Comp. Codes R. & Regs. Tit. 9 § 2502.4 - Adjustment of legal regulated rent

(a)

(1) An owner may file an application to
increase the legal regulated rents of the building or building complex, on
forms prescribed by the division, on the following ground: Substantial
rehabilitation.

(2) Upon
application by the owner, the division may grant an appropriate adjustment of a
legal regulated rent where it finds that:

(i)
There has been since January 1, 1974 an increase in the rental value of the
housing accommodations as a result of a substantial rehabilitation of the
building or housing accommodations therein which materially adds to the value
of the property or appreciably prolongs its life, excluding ordinary repairs,
maintenance and replacements and that the legal regulated rent has not been
adjusted prior to the application based in whole or part upon the grounds set
forth in the application.

(b) Temporary major capital improvement rent
adjustments.

(1) An owner of a building or
building complex that contains more than thirty-five (35) percent
rent-regulated units may file an application to temporarily increase the legal
regulated rents of the building or building complex on forms prescribed by the
DHCR which includes an itemized list of work performed and a description or
explanation of the reason or purpose of such work, on one or more of the
following grounds:

(i) There has been a major
capital improvement, including an installation, which must meet all of the
following criteria:

(a) it is deemed
depreciable under the Internal Revenue Code, other than for ordinary
repairs;