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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(v) In
addition, for any rent increases due to any major capital improvements approved
on or after June 16, 2012 and before June 16, 2019, an owner may not collect
more than two percent in any year from any tenant in occupancy on the date the
major capital improvement was approved, provided the tenant has entered into a
renewal lease commencing on or after June 14, 2019, or is or was entitled to
receive a renewal lease on or after such date. In such event, the adjusted
limit on collectability shall take effect on the first anniversary date on
which the increase became collectible to occur after such lease
renewal.

(vi) No increase pursuant
to paragraph (1) of this subdivision shall be collectible from a tenant to whom
there has been issued a currently valid senior citizen or disability rent
increase exemption pursuant to local law or ordinance to the extent that such
increase may cause the legal regulated rent of the housing accommodation to
exceed a specified portion, if any, pursuant to such local law or ordinance, of
the aggregate disposable income of all members of the household residing in the
housing accommodation.

(6) The determination of the appropriate
adjustment of a legal regulated rent shall take into consideration all factors
bearing on the equities involved, subject to the general limitation that the
adjustment can be put into effect without dislocation and hardship inconsistent
with the purposes of the ETPA, and including as a factor a return of the
actual, reasonable, and verifiable cost to the owner, limited to the reasonable
cost schedule in paragraph (2) of this subdivision and exclusive of interest or
other carrying charges, and the increase in the rental value of the housing
accommodations.