N.Y. Comp. Codes R. & Regs. tit. 9, § 2101.3 – Maximum rents for housing accommodations, including equalization adjustment effective May 1, 1953.

(a) Notwithstanding the provisions of sections 2101.1 and 2101.2 of this Part, on and after May 1, 1953, the maximum rent for any housing accommodations shall be not less than the maximum rent in effect on March 1, 1943, pursuant to the Federal act but, if no such maximum rent for a housing accommodation was in effect on March 1, 1943, then the maximum rent shall be the maximum rent first established pursuant to the Federal act prior to July 1, 1947, plus 15 percent thereof as such sum is adjusted to reflect:
1. (1) the amount of any decreases in maximum rent required by order because of decreases in dwelling space, services, furniture, furnishings or equipment or because of substantial deterioration or failure to properly maintain such housing accommodation; and
2. (2) the amount of any increases in maximum rent authorized because of increases in dwelling space, services, furniture, furnishings or equipment or because of major capital improvements.
(b) Nothing contained in this section, however, shall have the effect of increasing the maximum rent of any housing accommodation more than 15 percent above the maximum rent in effect on April 30, 1953.