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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(4) such
decrease, modification or substitution is not inconsistent with the act or this
Subchapter. No such reduction in rent or decrease in services, or modification
or substitution of essential services shall take place prior to the approval of
the owner's application by the division, except that a service decrease,
modification, or substitution pursuant to paragraphs (1) and (2) of this
subdivision may take place prior to such approval.

(e) Comparative hardship. The division may
grant an appropriate adjustment of the legal regulated rent where the landlord,
by application for increases in rents in excess of the rent adjustment
authorized by the Rent Guidelines Board under the act and as provided for in
section of this Part, establishes a
hardship, and the division finds that the rate of such rent adjustment is not
sufficient to enable the owner to maintain approximately the same ratio between
operating expenses (including taxes and labor costs, but excluding debt
service, financing costs and management fees) and gross rents which prevailed
on the average over the immediate preceding five-year period, or for the entire
life of the building if less than five years. No application may be made under
this subdivision for an increase if a six-percent rent increase is still in
effect based on an application pursuant to this subdivision or pursuant to
subdivision (f) of this section.2502.5