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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(f) Alternative hardship. As an alternative
to the hardship application provided under subdivision (e) this section, owners
of buildings acquired by the same owner or a related entity owned by the same
principals three years prior to the date of application may apply to the
division, on forms prescribed by the division, for increases in excess of the
level of applicable guideline increases established under the act, based on a
finding by the division that such guideline increases are not sufficient to
enable the owner to maintain an annual gross rent income collectible for such
building which exceeds the annual operating expenses of such building by a sum
equal to at least five percent of such annual gross rent income collectible,
subject to the definitions and restrictions provided for herein.

(1) Definitions. For this subdivision, the
following terms shall mean:

(i) Annual gross
rent income collectible shall be the actual income receivable per annum arising
out of the operation and ownership of the property, including but not limited
to rental from housing accommodations, stores, professional or business use,
garages, parking spaces, and income from easements or air rights, washing
machines, vending machines and signs, plus the rent calculated under
subparagraph (2)(iii) of this subdivision. In ascertaining income receivable,
the division shall determine what efforts, if any, the owner has followed in
collecting unpaid rent.