9 NYCRR § 2102.3 — Grounds for increase of maximum rent (State Rent & Eviction Regs., via Cornell LII)

Citation
9 NYCRR § 2102.3 — Grounds for increase of maximum rent (State Rent & Eviction Regs., via Cornell LII)
Jurisdiction
New York (state)
Source
Official source
Original Source
https://www.law.cornell.edu/regulations/new-york/9-NYCRR-2102.3 ↗

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Full Text

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(viii) For temporary rent
increases pursuant to this subdivision effective as of or after June 14, 2019,
the temporary increase in the monthly maximum rent for the affected housing
accommodations when authorized pursuant to this paragraph shall for buildings
and complexes containing 35 or fewer housing accommodations be 1/168th of the
total cost, including the cost of installation but excluding finance charges;
and for buildings and complexes containing more than 35 housing accommodations
be 1/180th of the total cost, including the cost of installation but excluding
finance charges.

(c) There has been since March 1, 1950 an
increase in the rental value of the housing accommodations as a result of a
substantial rehabilitation of the building or housing accommodations therein
which materially adds to the value the property or appreciably prolongs its
life, excluding ordinary repairs, maintenance and replacements.

(d) Temporary major capital improvement rent
adjustments.

(1) An owner of a building or
building complex that contains more than thirty-five (35) percent
rent-regulated units may file an application to temporarily increase the
maximum rents of the building or building complex on forms prescribed by the
DHCR which includes an itemized list of work performed and a description or
explanation of the reason or purpose of such work, on one or more of the
following grounds:

(i) There has been a major
capital improvement, including an installation, which must meet all of the
following criteria:

(a) it is deemed
depreciable under the Internal Revenue Code, other than for ordinary
repairs;