9 NYCRR § 2502.5 — Lease agreements (Emergency Tenant Protection Regs., via Cornell LII)

(i) Where a lease for a one-, two- or
three-year term was executed before the local effective date and the term
commences on or after the local effective date, the lease shall not be
effective to increase the initial legal regulated rent, except that effective
on the first day of the month next succeeding the date of filing of guidelines
with the division by the Rent Guidelines Board for the county wherein the
property is located, which guidelines are applicable to the class of housing
accommodations within the building, the initial legal regulated rent may be
increased to the lower of the following rents:

(a) the rent reserved in the lease;
or

(b) the initial legal regulated
rent increased by the applicable rate of rent adjustment for the lease term
pursuant to the guidelines;

provided the landlord first serves on the tenant a
written notice setting forth the new legal regulated rent and the method of
computation thereof pursuant to this section.