N.Y. Private Housing Finance Law § 804: Rentals

§ 804. Rentals. Notwithstanding the provisions of, or any regulation

promulgated pursuant to, the emergency housing rent control law, the

local emergency housing rent control act or local law enacted pursuant

thereto, upon completion of the rehabilitation of an existing multiple

dwelling, the construction of a new multiple dwelling or the conversion

of non-residential property into a multiple dwelling aided by a

participation loan made pursuant to this article, the agency shall

establish the initial rent for each dwelling unit within the

rehabilitated, newly constructed or converted multiple dwelling. Where

the city of New York or the New York city housing development

corporation has participated or invested in a loan pursuant to this

article, all dwelling units within the multiple dwelling subsequent to

the establishment of initial rents by the agency shall be subject to the

rent stabilization law of nineteen hundred sixty-nine provided, that the

occupant in possession of a dwelling unit when the multiple dwelling is

made subject to the rent stabilization law of nineteen hundred

sixty-nine shall be offered a two year lease notwithstanding any

contrary provisions of, or regulations adopted pursuant to, the rent

stabilization law of nineteen hundred sixty-nine at such initial rent

set for such dwelling unit by the agency.