9 NYCRR § 2202.4 — Increased services or facilities, substantial rehabilitation, major capital or other improvements (NYC Rent & Eviction Regs., via Cornell LII)

Citation: 9 NYCRR § 2202.4 — Increased services or facilities, substantial rehabilitation, major capital or other improvements (NYC Rent & Eviction Regs., via Cornell LII)
Jurisdiction: New York (state)
Source verification: official_capture_completeness_unverified
Original Source: https://www.law.cornell.edu/regulations/new-york/9-NYCRR-2202.4 ↗

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(viii) For temporary rent
increases pursuant to this subdivision effective as of or after June 14, 2019,
the temporary increase in the monthly maximum rent for the affected housing
accommodations when authorized pursuant to this subdivision shall for buildings
and complexes containing 35 or fewer housing accommodations be 1/168th of the
total cost, including the cost of installation but excluding finance charges;
and for buildings and complexes containing more than 35 housing accommodations
be 1/180th of the total cost, including the cost of installation but excluding
finance charges.

(b) there has been, since March 1, 1959, an
increase in the rental value of the housing accommodations as a result of a
substantial rehabilitation of the building or housing accommodations therein
which materially adds to the value of the property or appreciably prolongs its
life, excluding ordinary repairs, maintenance and replacements; or

(c) Temporary major capital improvement rent
adjustments.

(1) An owner of a building or
building complex that contains more than thirty-five (35) percent rent
regulated units may file an application to temporarily increase the maximum
rents of the building or building complex on forms prescribed by the DHCR which
includes an itemized list of work performed and a description or explanation of
the reason or purpose of such work, on one or more of the following grounds:

(i) There has been a major capital
improvement, including an installation, which must meet all of the following
criteria:

(a) it is deemed depreciable under
the Internal Revenue Code, other than for ordinary repairs;