On April 25, 1975, petitioner, the owner of a rent-stabilized building at 245 East 19th Street in New York City, submitted an application for rental increases based upon the existing comparative hardship formula as set forth in the then-existing statute (Administrative Code of City of New York [Code], § YY51-6.0, subd c, par [6]), which provided for increases to be determined pursuant to a formula based upon the ratio between the prevailing operating expenses and gross...
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