N.Y. PBA Law § 2429

§ 2429. Rentals. Notwithstanding the provisions of, or any regulation\npromulgated pursuant to, the emergency housing rent control law, the\nlocal emergency housing rent control act or local law enacted pursuant\nthereto, all dwelling units in a multiple dwelling the rehabilitation or\nconstruction of which commenced after July first, nineteen hundred\nseventy-eight and which is financed by a loan insured by the agency,\nexcept for dwelling units occupied by reason of ownership of stock in a\ncooperative, shall be subject to the rent stabilization law of nineteen\nhundred sixty-nine or the emergency tenant protection act of nineteen\nseventy-four, if applicable in the geographic area in which the multiple\ndwelling is located, beginning immediately after initial rents as\nestablished under applicable provisions of the rent stabilization law of\nnineteen hundred sixty-nine, the emergency tenant protection act of\nnineteen seventy-four or the private housing finance law for such\ndwelling units become effective on the basis of such rehabilitation or\nconstruction, provided that any occupant in possession of a dwelling\nunit that first becomes subject to the rent stabilization law of\nnineteen hundred sixty-nine or the emergency tenant protection act of\nnineteen seventy-four pursuant to this section shall be offered a\ntwo-year lease notwithstanding any contrary provisions of, or\nregulations adopted pursuant to, such law or act, at the initial rent\nestablished for such dwelling unit.\n