N.Y. Comp. Codes R. & Regs. tit. 9 § 2102.1

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

Section 2102.1 - Maximum rents

Maximum rents may be increased or decreased only by order of the administrator except as hereinafter specified, 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 regulated apartments as established by the local county rent guidelines board, pursuant to the Emergency Tenant Protection Act. 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 regulated apartments as established by the local county rent guidelines board, pursuant to Emergency Tenant Protection Act, 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 regulated apartments as established by the local county rent guidelines board, Emergency Tenant Protection Act, of the rent paid during the previous year. If there is no local county rent guidelines board, the adjustments by the county rent guidelines board in closest geographical proximity should be used.

(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 section 4 of the emergency tenant protection act of nineteen seventy-four.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 2102.1

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