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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(iii) The maximum amount of hardship increase
to which an owner shall be entitled shall be the difference between the
threshold income and the annual gross rent income collectible for the test
year. In buildings that also contain apartments subject to the Emergency
Housing Rent Control Law, appropriate adjustments for both income and expenses
will be made by the division in order to calculate the pro rata rate share for
those apartments subject to this application. However, notwithstanding the
above, the collection of any increase in the rent for any housing accommodation
pursuant to this section shall not exceed six percent of the legal regulated
rent in effect at the time immediately prior to the issuance of the order. The
collectability of any amount above said sum shall be spread forward in similar
increments and added to the rent as established or set in future years. No
application may be made for any hardship if a six-percent increase is still in
effect based on a prior application.

(iv) The division shall set a rental value
for any unit occupied by the owner or managing agent, or a person related to
the owner or managing agent, or an employee of the owner or managing agent, or
unoccupied at the owner's choice for more than one month at the last regulated
rent plus the minimum number of guideline increases; or, if no such regulated
rent existed or is known, the division shall impute a rent equal to the average
of rents for similar or comparable apartments subject to these regulations in
the building during the test year.