N.Y. Comp. Codes R. & Regs. tit. 9 § 2202.1

Current through Register Vol. 46, No. 50, December 11, 2024

Section 2202.1 - Maximum rents

Maximum rents may be increased or decreased only by order of the administrator, or as otherwise provided by law.

(a) Where a maximum rent established pursuant to this chapter on or after January first, two-thousand twenty, is higher than the previously existing maximum rent, the landlord may not collect an increase from a tenant in occupancy in any one year period of more than the lesser of either seven and one-half percentum or an average of the previous five years of one-year rent adjustments on rent stabilized apartments as established by the rent guidelines board, pursuant to Rent Stabilization Law Section 26-510(b) . If the period for which the rent is established exceeds one year, regardless of how the collection thereof is averaged over such period, the rent the landlord shall be entitled to receive during the first twelve months shall not be increased by more than the lesser of either seven and one-half percentum or an average of the previous five years of one-year rent adjustments on rent stabilized apartments as established by the rent guidelines board, pursuant to Rent Stabilization Law Section 26-510(b), over the previous rent. Any additional annual rents shall not exceed the lesser of either seven and one-half percentum or an average of the previous five years of one-year rent adjustments on rent stabilized apartments as established by the rent guidelines board, pursuant to Rent Stabilization Law Section 26-510(b), of the rent paid during the previous year.

(b) No annual rent increase authorized pursuant to this act shall exceed the average of the previous five annual rental adjustments authorized by a rent guidelines board for a rent stabilized unit pursuant to Rent Stabilization Law Section 26-510(b).

N.Y. Comp. Codes R. & Regs. Tit. 9 § 2202.1

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