Hmm...from that description it sounds like eventually every unit will end up unregulated.
Is there any mechanism that creates new rent controlled or rent stabilized units, or converts an unregulated unit into a rent stabilized or rent controlled unit?
The mechanism for new rent stabilized units are set asides in exchange for tax credits and/or zoning variances in new buildings. They end up costing the city a lot more in forgone property taxes than residents save in rent, but nonetheless seem to keep getting renewed.
Is there any mechanism that creates new rent controlled or rent stabilized units, or converts an unregulated unit into a rent stabilized or rent controlled unit?