NYC RENT GUIDELINES BOARD Order #2

INCREASES ALLOWED AS ESTABLISHED BY THE
RENT GUIDELINES BOARD OF THE
CITY OF NEW YORK

THE CITY RECORD
WEDNESDAY, JULY 1, 1970

CITY OF NEW YORK
RENT GUIDELINES BOARD

Order Number 2
Rent Levels July 1, 1970 Through June 30, 1971

PURSUANT TO THE AUTHORITY VESTED IN IT BY THE RENT STABILIZATION LAW OF 1969, the Rent Guidelines Board hereby establishes and adopts the following levels of fair rent increases over lawful rentals actually charged and paid on June 30, 1970 or if vacant on June 30, on the last date on which rent was paid on such unit, for dwelling units covered by such law (other than hotel dwelling units);

Lease Renewals

In addition to a one per cent increase affecting all leases which is subject to adjustment in later years of the lease as explained below:

For one-year leases expiring before July 1, 1972: 6 per cent;
For two-year leases expiring before July 1, 1973: 8 per cent;
For three-year leases expiring before July 1, 1974: 11 per cent.

The one per cent increase affecting all leases is designed as a stabilizer to equalize changes in the yield on capital invested in real estate governed by the Rent Stabilization Law with changes in the yields paid by other long-term investments. This charge for 1970-71 is subject to adjustment by the Rent Guidelines Board on any anniversary date of this order. No such adjustment will increase or decrease the rent (including stabilizer) by more than one per cent in any year of a lease.

Fractional Terms

Except as to leases on vacant apartments, for the purpose of these guidelines any lease or tenancy for a period up to and including one year shall be deemed a one year lease or tenancy; the same for a period over one year and up to and including two years shall be deemed a two year lease; and the same for a period over two years and up to and including three years shall be deemed a three year lease. As to leases on vacant apartments, for the purpose of these guidelines any lease for a period from one year to less than two years shall be deemed a one year lease; the same for a period from two years to less than three years shall be deemed a two year lease; and the same for a period of three years or more shall be deemed a three year lease.

Leases on Vacant Apartments

Where a dwelling unit becomes vacant, the levels of fair rent increase governing the new tenancy are the same levels over rentals charged on June 30, 1970 as those set forth above for lease renewals, plus 7.5 per cent over rentals charged on June 30, 1970 on each vacancy of such unit subsequent to the effective date of this Order.

Escalator Clauses

Where a lease for a dwelling unit in effect on May 31, 1968 contained an escalator clause for increased costs of operation, the lawful rental on June 30, 1970 over which the fair rent increase under this Order is computed shall include the increased rental, if any, due under such clause. Moreover, where a lease contained such an escalator clause, unless the owner elects or has elected in writing to delete such clause effective no later than July 1, 1970 from the existing lease and all subsequent leases for such dwelling unit, the increased rental, if any, due under such escalator clause shall be offset against the amount of increase permissible under this Order.

Credits

Rentals charged and paid in excess of the levels of fair rent increase established by this Order shall be fully credited against the next month's rent.

Dated: July 1, 1970
Filed with City Clerk
July 2, 1970

Roger Starr
Chairman,
Rent Guidelines Board

INCREASES ALLOWED AS ESTABLISHED BY THE RENT GUIDELINES BOARD OF THE CITY OF NEW YORK

CITY OF NEW YORK RENT GUIDELINES BOARD

INCREASES ALLOWED AS ESTABLISHED BY THE
RENT GUIDELINES BOARD OF THE
CITY OF NEW YORK

CITY OF NEW YORK
RENT GUIDELINES BOARD