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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(v) In addition,
for any rent increases due to any major capital improvements approved on or
after June 16, 2012 and before June 16, 2019, an owner may not collect more
than two percent in any year from any tenant in occupancy on the date the major
capital improvement was approved, provided the tenant has entered into a
renewal lease commencing on or after June 14, 2019, or is or was entitled to
receive a renewal lease on or after such date. In such event, the adjusted
limit on collectability shall take effect on the first anniversary of the date
on which the increase became collectible to occur after such lease
renewal.

(vi) An increase pursuant
to paragraph (1) of this subdivision shall not be collectible from a tenant to
whom there has been issued a currently valid senior citizen or disability rent
increase exemption pursuant to section 26-509 of the Administrative Code of the
City of New York, to the extent such increase causes the maximum rent of the
housing accommodation to exceed one third of the aggregate disposable income of
all members of the household residing in the housing accommodation.

(6) The determination of the
appropriate adjustment of a maximum rent shall take into consideration all
factors bearing on the equities involved, subject to the general limitation
that the adjustment can be put into effect without dislocation and hardship
inconsistent with the purposes of the RSL, and including as a factor a return
of the actual, reasonable, and verifiable cost to the owner, limited to the
reasonable cost schedule in paragraph (2) of this subdivision and exclusive of
interest or other carrying charges, and the increase in the rental value of the
housing accommodations.