Source: http://rules.cityofnewyork.us/content/rent-adjustments
Timestamp: 2019-04-20 18:18:13+00:00

Document:
Pursuant to MDL § 286(2)(ii), owners of interim multiple dwelling (“IMD”) buildings, including those owners of the buildings covered pursuant to MDL § 281(5), may seek rent adjustments upon achieving three legalization milestones. The legalization milestones are: 1) the filing of an alteration application with the Department of Buildings for conversion of the building from commercial to residential use; 2) the issuance of a permit for the alteration application; and 3) achieving Article 7-B compliance. An IMD owner may collect the rent adjustment for achieving one or more milestones the month immediately following compliance.
The proposed rule describes the procedure for obtaining the rent adjustments in MDL § 286(2)(ii) for units subject to the Loft Law pursuant to MDL § 281(5) and refers to MDL § 286(2)(ii) for the rent adjustment percentages for achieving each legalization milestone. Finally, the proposed rule includes new section headings and minor clarifying revisions.
Opportunity to comment on proposed rule changes to Section 2-12 of the Loft Board Rules which relate to rent adjustments under Multiple Dwelling Law (“MDL”) § 286(2)(ii).

References: § 286
 § 281
 § 286
 § 281
 § 286
 § 286