Read the fine print:
https://en.wikipedia.org/wiki/Rent_control_in_New_York
“To qualify for rent control, a tenant must have been continuously living in an apartment since July 1, 1971, or be a qualifying family member who succeeded to such tenancy.”
Yea, I can’t tell from that. My understanding of how it’s applied in many other places is that rent can rise to market levels when a unit is vacated, but cannot rise above a certain percentage if the tenant stays put.
This law should be removed. It's an inheritance. Have a tenant who's family has been living in one apartment since 1940. The granddaughter lives there now and does not pay rent. NOTHING I can do about her. Her rent would have been around $600 by now. Another tenant pays $427 for a 6 room apt.
How does NYC expect us to maintain a building with those rents??!!!