§ 1-15 Rent Adjustments.
RCNY § 1-15
(a)Upon completion of the rehabilitation or improvement, maximum rents shall be adjusted pursuant to § 33.9 of the Rent and Eviction Regulations and the rules and regulations adopted pursuant to those provisions.
(b)Such rentals may thereafter be increased upon application made by the owner to the office or department charged with administration of the Program in the manner set forth herein and as set forth in § 33.9 of the Rent and Eviction Regulations and the rules and regulations adopted pursuant thereto. If such office or department determines that a rent increase is required based upon operating and maintenance expenses, real estate taxes, debt service requirements, vacancy and other rent collection losses, and a return on equity computed at 8 percent, the director of that office or department shall so certify to the Office of Rent Control and inform the Office of Rent Control of the amount of the increases which are requested. The Office of Rent Control shall issue written notice to the tenants of the rent increases requested by the owner. Upon expiration of the time allowed for the tenants to answer as set forth in such notice, the Office of Rent Control shall forward any responses to the administering office or department. Such office or department shall review the responses and the record and may then request that the Office of Rent Control issue orders adjusting the rents as finally determined by that office or department. The Office of Rent Control will issue such orders within fifteen days after receipt of such request.
