NY Priv Hous Fin L § 607 (2021)
2021 New York Laws PVH - Private Housing Finance Article 13 - Miscellaneous 607 - Rent Regulation of Multiple Dwellings Rehabilitated With a Loan Granted Pursuant to Section Three Hundred Twelve of the Housing Act of Nineteen Hundre

§ 607. Rent regulation of multiple dwellings rehabilitated with a loan   granted  pursuant  to section three hundred twelve of the housing act of   nineteen hundred sixty-four. 1.   In cities with  a  population  of  one   million or more, upon completion of rehabilitation of a class A multiple   dwelling,  which  is  aided  by  a  loan  made pursuant to section three   hundred twelve of the housing act of nineteen  hundred  sixty-four,  the   agency  shall  establish  the initial rent for each rental dwelling unit   within the rehabilitated or converted multiple dwelling  notwithstanding   the  provisions  of,  or  any  regulation  promulgated  pursuant to, the   emergency housing rent control law, the  local  emergency  housing  rent   control   act,   the   emergency   tenant  protection  act  of  nineteen   seventy-four, the local rent stabilization law or any local law  enacted   pursuant thereto. After the agency has set the initial rents, all rental   dwelling units within such rehabilitated or converted multiple dwellings   shall  become  subject to the rent stabilization law of nineteen hundred   sixty-nine.2. The occupant in  possession  of  such  a  dwelling  unit  when  the   multiple  dwelling  is  made  subject  to  the rent stabilization law of   nineteen hundred sixty-nine shall be offered a choice of a  one  or  two   year   lease   at   the   initial   rents   established  by  the  agency   notwithstanding any  contrary  provisions  of,  or  regulations  adopted   pursuant  to,  the rent stabilization law of nineteen hundred sixty-nine   and the emergency tenant protection act of nineteen seventy-four.3. Prior to establishing initial rents  the  agency  shall  cause  all   tenants  in  occupancy  of such multiple dwelling to be notified of, and   have an opportunity to comment on, the contemplated rehabiliation.  Such   notification  shall advise such tenants of the approximate expected rent   increase and the subsequent availability of a one  or  two  year  lease.   Such  notification  and  opportunity to comment shall be provided before   the rehabilitation and again after  the  construction  is  complete  and   before the establishment of the initial rents.4. For the purposes of this section, "multiple dwelling" shall include   any  class  A  multiple  dwelling  having three or more units, and shall   include multiple family garden-type maisonette dwelling complexes  under   single  ownership  having  common facilities such as a sewer line, water   main and heating plant notwithstanding the  fact  that  certificates  of   occupancy  were  issued  for  portions  thereof  as  one  or  two family   dwellings.5. For the  purposes  of  this  section,  the  meaning  of  the  terms   "agency",  "conversion", "non-residential property" and "rehabilitation"   shall be the meaning provided pursuant to section eight hundred  one  of   this chapter.6.  The  agency  may promulgate supplementary rules and regulations to   carry out the provisions of this  section,  not  inconsistent  with  the   provisions of this section.