he may issue an order fixing or establishing the maximum rent, having regard for the maximum rents for comparable housing accommodations or any other factors bearing on the equities involved, consistent with the purpose of the Rent Law, including but not limited to the factor that such housing accommodations were created from housing accommodations which were vacated, on or after November 22, 1963, other than by voluntary surrender of possession or in the manner provided by Part 2204 of this Title. Where the housing accommodations were created from such accommodations, the administrator may give due consideration to the limitation on the amount of the rent adjustment which may be ordered, pursuant to the provisions of section 2202.3(a)(1) of this Part, in considering the equities involved. Such order shall fix or establish the maximum rent as of May 1, 1950, or the date of first renting, whichever is later, and may contain a directive that all rent collected in excess of the maximum rent fixed or established under this subdivision during the period beginning no earlier than two years prior to the date of the filing of the tenant's statement of violations, if any, or the date of the commencement of the proceeding to fix or establish the maximum rent, whichever date is earlier, shall be refunded to the tenant, together with six percent interest from the date of each such excessive payment of rent, within 30 days after such order shall become final.
N.Y. Comp. Codes R. & Regs. Tit. 9 § 2202.22