Sec. 2501.1. Initial legal regulated rents for housing accommodations

(a) For housing accommodations which on the local effective date of the act were under rent control pursuant to the Emergency Housing Rent Control Law, and on or after that date become vacant and are no longer under rent control, and which are rented thereafter and subject to the act, the initial legal regulated rent shall be the rent agreed to by the landlord and the tenant and reserved in a lease or provided for in a rental agreement.

(b) For all other housing accommodations subject to the act, the initial legal regulated rent shall be the rent reserved in the last effective lease or other rental agreement prior to the local effective date of the act.