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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(ii) For work commenced on or after June 14,
2019, the recoverable costs incurred by the owner pursuant to this subdivision
shall be limited to a total aggregate cost of fifteen thousand dollars
($15,000) that may be expended on no more than three (3) separate individual
apartment improvements in any fifteen (15) year period.

(iii) An owner who is entitled to a rent
increase pursuant to this subdivision shall not been titled to a further rent
increase based upon the installation of similar equipment, or new furniture or
furnishings within the useful life of such new equipment, or new furniture or
furnishings.

(iv) Any increases to
the legal regulated rent pursuant to this subdivision shall be temporary and
shall be removed from the legal regulated rent thirty (30) years from the date
the increase became effective inclusive of any increases granted by the
applicable Rent Guidelines Board that had been calculated based upon such rent
increase.

(v) For individual
apartment improvements pursuant to this subdivision, the division shall
maintain an itemized list of work performed and a description or explanation of
the reason or purpose of such work, inclusive of photographic evidence
documenting the condition prior to and after the completion of the performed
work. Such documentation and any other supporting documentation shall be
submitted to the division by the owner within 90 days of the completion of the
work, retained in a centralized electronic retention system and made available
in cases pertaining to the adjustment of legal regulated rents.