N.Y. Comp. Codes R. & Regs. tit. 9 § 2502.7

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

Section 2502.7 - Rent adjustments upon vacancy or succession

(a) The legal regulated rent for any vacancy lease effective on or after June 14, 2019 shall be as hereinafter provided in this subdivision. The previous legal regulated rent for such housing accommodation shall be increased by the following:

(1) if the vacancy lease is for a term of one year, the one-year guideline increase, as promulgated by the applicable Rent Guidelines Board, can be applied to the previous legal regulated rent; or

(2) if the vacancy lease is for a term of two years, the two-year renewal guideline increase, as promulgated by the applicable Rent Guidelines Board, can be applied to the previous legal regulated rent.

(3) The increase authorized in this paragraph may not be implemented more than one time in any calendar year, notwithstanding the number of vacancy leases or lease assignments entered into in such year.

(b) Any rent increases lawfully implemented in accordance with this Title prior to June 14, 2019 shall remain in effect.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 2502.7

Amended New York State Register November 8, 2023/Volume XLV, Issue 45, eff. 11/8/2023