NYC Rent Guidelines Board Apartment/Loft Order No. 55

Citation: NYC Rent Guidelines Board Apartment/Loft Order No. 55
Parent Document: NYC Rent Guidelines Board Apartment/Loft Order No. 55
Jurisdiction: NYC (municipal)
Effective Date: 2023-10-01
Original Source: https://rentguidelinesboard.cityofnewyork.us/wp-content/uploads/2023/06/2023-... ↗

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Where a lease for a dwelling unit in effect on May 31,1968 or where a lease in effect on
June 30, 1974 for a dwelling unit which became subject to the Rent Stabilization Law of
1969, by virtue of the Emergency Tenant Protection Act of 1974 and Resolution Number
276 of the New York City Council, contained an escalator clause for the increased costs of
operation and such clause is still in effect, the lawful rent on September 30, 2023 over
which the fair rent under this Order is computed shall include the increased rental, if any,
due under such clause except those charges which accrued within one year of the
commencement of the renewal lease. Moreover, where a lease contained an escalator
clause that the owner may validly renew under the Code, unless the owner elects or has
elected in writing to delete such clause, effective no later than October 1, 2023 from the
existing lease and all subsequent leases for such dwelling unit, the increased rental, if any,
due under such escalator clause shall be offset against the amount of increase authorized
under this Order. SPECIAL ADJUSTMENTS UNDER PRIOR ORDERS

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