N.Y.C. Admin. Code § 26-405

Citation
N.Y.C. Admin. Code § 26-405
Source
Official source
Original Source
https://codelibrary.amlegal.com/codes/newyorkcity/latest/NYCadmin/0-0-0-206052 ↗

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g. (1) The city rent agency may from time to time adopt, promulgate, amend or rescind such rules, regulations and orders as it may deem necessary or proper to effectuate the purposes of this chapter, including practices relating to recovery of possession; provided that such regulations can be put into effect without general uncertainty, dislocation and hardship inconsistent with the purposes of this chapter; and provided further that such regulations shall be designed to maintain a system of rent controls at levels which, in the judgment of such agency, are generally fair and equitable and which will provide for an orderly transition from and termination of emergency controls without undue dislocations, inflationary price rises or disruption. Provision shall be made, pursuant to regulations prescribed by such agency, for individual adjustment of maximum rents where:

(a) The rental income from a property yields a net annual return of less than six per centum of the valuation of the property.

(1) Such valuation shall be the current assessed valuation established by the city, which is in effect at the time of the filing of the application for an adjustment under this subparagraph (a); provided that:

(i) The city rent agency may make a determination that the valuation of the property is an amount different from such assessed valuation where there has been a reduction in the assessed valuation for the year next preceding the effective date of the current assessed valuation in effect at the time of the filing of the application; and