Five units remained rent-regulated.
The other new regulation declared that Fannie Mae would not issue loans to people buying into converted condominium buildings in which more than 30 percent of the units remained rent-stabilized, unless the project had been previously approved.
All that would happen is that at the end of the three years, those that remained renting out their properties would jack up the rents even higher".
He said: "First of all you'd discourage people from getting into the rental market, you'd discourage the creation of new housing, and all that would happen - fewer houses... [and] at the end of the three years those that remained renting out their properties would jack up the rents even higher".
The landlord told him to stay, saying he could remain rent-free until such time as he could pay something.
A major drawback for those who remain renting is that the hefty subsidies associated with farming do not go to them but to their landlords.
Meanwhile, much of the newly constructed affordable housing subsidized by New York State through bonds issued by the Housing Finance Agency (some 5,562 new units since January 2011) is required to remain rent-regulated.
This unfortunate hiccup in the magic of the city makes the 16,000 remaining rent-controlled units in Manhattan mouthwatering in almost any context.
Geraldine Salvatorelli, whose 91-year-old father is among the few remaining rent-paying tenants there, said: "It was easy to get most of them out — they owed back rent".
A Stabilized Tenant Agrees to Relocate Q I am the last remaining rent-stabilized tenant in a small walk-up in a prime Manhattan location, and if I vacate it, the management is offering me an apartment in another building — which I find agreeable — for the same rent.
"No single factor is exclusively determinative," Mr. Kassenoff said, adding that the fact that the partners did not have a joint bank account by itself probably would not be enough to negate the successor tenant's entitlement to remain rent-controlled.
