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)
Source verification
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Original Source
https://www.law.cornell.edu/regulations/new-york/9-NYCRR-2502.4 ↗

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(2) necessarily and
appropriately priced higher than those costs listed in the Reasonable Cost
Schedule due to the unique nature of the installation and the circumstances
surrounding such installation, and such costs are accurate, reasonable,
necessary, verifiable, and eligible for a rent increase under these
circumstances, or

(3) that use of
the Reasonable Cost Schedule will cause an undue hardship and the use of
alternative procedures are appropriate to the interests of the owner, the
tenants, and the public, and the costs of such improvement are accurate,
reasonable, necessary, verifiable, and eligible for a rent increase under the
circumstances.

(e) Owners
must request a waiver of the use of the Reasonable Cost Schedule in writing and
accompany the application with the information and documentation as specified
in subparagraph (x) of this paragraph.

(ix) Requirements for Waiver under Specific
Circumstances

(a) At the time of the initial
application for a temporary major capital improvement rent increase, an owner
must apply for a waiver of application of the Reasonable Cost Schedule. Such
application shall include all necessary requirements set forth in subparagraph
(viii) of this paragraph and must also meet the following requirements:

(1) Non-Landmarked Buildings (Buildings not
designated by the Landmark Commission):

(i) A
licensed engineer or architect must certify that:

(A) the major capital improvement costs for
which an owner seeks a temporary major capital improvement rent increase are
accurate and reasonable under the circumstances; and

(B) there is no common ownership or other
financial interest between the contractor installing the replacement or upgrade
and the ownership entity of the owner; and