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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(c) any 12
consecutive months ending within 90 days prior to the date of filing of the
hardship application. Such period must end on the last day of a month. Nothing
herein shall prevent the division from comparing and adjusting expenses and
income during the test year with expenses and income occurring during the three
years prior to the date of application, in order to determine the
reasonableness of such expenses and income.

(2) Restrictions.

(i) No owner may file an application, nor may
the division grant such owner an increase in excess of the level of applicable
guideline increases, unless:

(a) the annual
gross rent income collectible for the test year does not exceed the annual
operating expenses of such building by a sum equal to at least five percent of
such annual gross rental income collectible; and

(b) the owner or an entity related to the
owner acquired the building at least 36 months prior to the date of
application; and

(c) the owner's
equity in the building exceeds five percent of the sum of:

(1) the arm's length purchase price of the
property; and

(2) the cost of any
capital improvements for which the owner has not collected an increase in rent
pursuant to subdivision (a), (b) & (c) of this section; and

(3) any repayment of principal of any
mortgage or loan used to finance the purchase of the property or any capital
improvements for which the owner has not collected an increase in rent pursuant
to subdivision (a), (b) & (c) of this section; and

(4) any increase in the equalized assessed
value of the property which occurred subsequent to the first valuation of the
property after purchase by the owner; and