Sec. 26-512.   STABILIZATION PROVISIONS.

a.   No owner of property subject to this law shall charge or
     collect any rent in excess of the initial legal regulated
     rent or adjusted initial legal regulated rent until the end
     of any lease or other rental agreement in effect on the
     local effective date until such time as a different legal
     regulated rent shall be authorized pursuant to guidelines
     adopted by a rent guidelines board.

b.   The initial regulated rent for housing accommodations
     subject to this law on the local effective date of the
     emergency tenant protection act of nineteen seventy-four or
     which become subject to this law thereafter, pursuant to
     such act, shall be:

     (1)  For housing accommodations which were regulated
          pursuant to this law or the city rent and
          rehabilitation law prior to July first, nineteen
          hundred seventy-one, and which became vacant on or
          after such date and prior to the local effective date
          of the emergency tenant protection act of nineteen
          seventy-four, the rent reserved in the last effective
          lease or other rental agreement; provided that such
          initial rent may be adjusted on application of the
          tenant pursuant to subdivision b of section 26-513 of
          this chapter.
     
     (2)  For housing accommodations which were regulated
          pursuant to the city rent and rehabilitation law on the
          local effective date of the emergency tenant protection
          act of nineteen seventy-four, and thereafter become
          vacant, the rent agreed to by the landlord and the
          tenant and reserved in a lease or provided for in a
          rental agreement; provided that such initial rent may
          be adjusted on application of the tenant pursuant to
          subdivision b of section 26-513 of this chapter.
     
     (3)  For housing accommodations other than those described
          in paragraphs one and two of this subdivision, the rent
          reserved in the last effective lease or other rental
          agreement.
     
     (4)  For any plot or parcel of land which had been regulated
          pursuant to the city rent and rehabilitation law prior
          to July first, nineteen hundred seventy-one and which,

          (i)   became vacant on or after July first, nineteen
                hundred seventy-one and prior to July first,
                nineteen hundred seventy-four, the rent reserved
                in a lease or other rental agreement in effect
                on June thirtieth, nineteen hundred seventy-four
                plus increases authorized by the rent guidelines
                board under this law for leases or other rental
                agreements commencing thereafter; provided that
                such initial rent may be adjusted on application
                of the tenant pursuant to subdivision b of
                section 26-513 of this chapter or,
          
          (ii)  became vacant on or after July first, nineteen
                hundred seventy-four, the rent agreed to by the
                landlord and the tenant and reserved in a lease
                or other rental agreement plus increases
                authorized by the rent guidelines board under
                this law for leases or other rental agreements
                commencing thereafter; provided that such
                initial rent may be adjusted on application of
                the tenant pursuant to subdivision b of section
                26-513 of this chapter.

          (iii) Where the commissioner has determined that the
                rent charged is in excess of the lawful rents as
                stated in subparagraph (i) or (ii) hereof, plus
                lawful increases thereafter, he or she shall
                provide for a cash refund or a credit, to be
                applied against future rent, in the amount of
                any rent overcharge collected by an owner and
                any penalties, costs, attorneys' fees and
                interest from the date of the overcharge at the
                rate of interest payable on a judgment pursuant
                to section five thousand four of the civil
                practice law and rules for which the owner is
                assessed.

c.   With respect to accommodations for which the initial legal
     regulated rent is governed by paragraph two of subdivision b
     hereof, no increase of such initial legal regulated rent
     pursuant to annual guidelines adopted by the rent guidelines
     board shall become effective until the expiration of the
     first lease or rental agreement taking effect after the
     local effective date of the emergency tenant protection act
     of nineteen seventy-four, but in no event before one year
     after the commencement of such rental agreement.

d.   With respect to accommodations, other than those referred to
     in subdivision c, for which a lease is entered into after
     the local effective date of the emergency tenant protection
     act of nineteen seventy-four, but before the effective date
     of the first guidelines applicable to such accommodations,
     the lease may provide for an adjustment of rent pursuant to
     such guidelines to be effective on the first day of the
     month next succeeding the effective date of such guidelines.

e.   Notwithstanding any contrary provisions of this law, on and
     after July first nineteen hundred eighty-four, the legal
     regulated rent authorized for a housing accommodation
     subject to the provisions of this law shall be the rent
     registered pursuant to section 26-517 of this chapter
     subject to any modification imposed pursuant to this law.