NY A08084

Initial legal regulated rents for vacant rent-stabilized apartments cannot exceed the average rent for a comparable rent-regulated housing accommodation in the same jurisdiction

For areas outside New York City (populations under one million, towns, and villages), the rent guidelines board determines the average comparable rent ceiling

For New York City housing accommodations, the commissioner determines the average rent for comparable units to establish the maximum initial rent

The limitation applies to units transitioning from rent control to rent stabilization upon vacancy, as well as certain vacant land parcels that were previously rent-regulated

Landlords and tenants may still apply for rent adjustments through existing administrative procedures, but initial rents are now capped at comparable unit averages