N.Y. Comp. Codes R. & Regs. tit. 9 § 2501.3

Current through Register Vol. 46, No. 45, November 2, 2024

Section 2501.3 - Redetermination of initial legal regulated rent which includes payments reserved under a tax escalation clause for housing accommodations located in a property becoming subject to reduction of real property taxes

Where the initial legal regulated rent for a housing accommodation includes payments reserved in the lease or other rental agreement under a tax escalation clause, whenever there is a reduction in the amounts of increases in the real property taxes which were previously in effect, the initial legal regulated rent shall be subject to redetermination to exclude such payments or such part thereof as is warranted, as provided for in sections 2503.9 and 2503.10 of this Chapter.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 2501.3