N.Y. Comp. Codes R. & Regs. Tit. 9 § 2202.15 - Decrease of first rents

Where a maximum rent has been established for a housing accommodation:

(a) pursuant to section 4 (3) of the State Rent Act, and a proper and timely registration statement had been filed as had been required by the Federal Act or by the State Rent Commission; or

(b) pursuant to section 2201.1(b) or (c) of this Title, and a proper and timely registration statement has been filed as required by section 2203.3 of this Title;

the administrator may order a decrease in the maximum rent where such maximum rent is substantially higher than the maximum rents for comparable housing accommodations, giving due consideration to any other factors bearing on the equities involved, consistent with the purposes of the Rent Law, including but not limited to the factors that such housing accommodations were created from housing accommodations which were vacated on or after November 22, 1963 other than by voluntary surrender of possession or in the manner provided by Part 2204 of this Title. Where the housing accommodations were created from such accommodations, the administrator may give due consideration to the limitation on the amount of the rent adjustment which may be ordered, pursuant to the provisions of section 2202.3(a)(1) of this Part, in considering the equities involved.

Notes

N.Y. Comp. Codes R. & Regs. Tit. 9 § 2202.15