A lessor may reopen the renegotiated lease rent for the residential apartment of an apartment owner when:
(1) The apartment owner has purchased or otherwise received the leasehold interest in a residential apartment from a former owner-occupant; and
(2) The apartment owner does not occupy the residential apartment.
If reopened, the renegotiated lease rent for the residential apartment shall be set in accordance with the lease agreement for persons who are not owner-occupants and shall be effective as of the date of conveyance to the new apartment owner.
(1990 Code, Ch. 39, Art. 1, § 39-1.13) (Added by Ord. 91-96)