In NYC, they have their own special rent control system. It’s bizarre, and once you have it, most people keep it for the rest of her lives, and even pass it to their kids. A huge portion of the rent controlled places are “rented” by wealthy people. So what he’s doing may be unethical, but it’s not illegal, or uncommon. But it’s a great example of the stupidity of rent control. It’s been widely known for decades, but NYC lawmakers haven’t changed it. So, evidently, they like it that way.
I lived down there 20 years ago or so....I knew a couple that made $350,000 combined and lived in a rent controlled apt.
On the rent issue I knew of a guy that inherited his east side rent controlled apartment from his grandparents, he lived there for a while and now rents it out and lives elsewhere. What a scam