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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(vi) Where an owner seeks a temporary
individual apartment improvement rent increase pursuant to this subdivision
while the unit is occupied, the division shall provide a form for use by the
owner, to obtain written informed consent from the tenant that shall include
the estimated total cost of the improvement and the estimated monthly rent
increase. Such form shall be completed and submitted to the division by the
owner within 90 days of the completion of the work and preserved in a
centralized electronic retention system. Nothing herein shall relieve an owner,
lessor, or agent thereof of his or her duty to retain proper documentation of
all improvements performed or any rent increases resulting from said
improvements.

(vii) For rent
increases pursuant to this subdivision that took effect prior to June 14, 2019,
the increase in the monthly legal regulated rent for the affected housing
accommodations when authorized pursuant to this paragraph shall for buildings
and complexes containing 35 or fewer housing accommodations be
1/ 40th of the total cost, including
installation but excluding finance charges; and for buildings and complexes
containing more than 35 housing accommodations be
1/ 60th of the total cost, including
installation but excluding finance charges.