N.Y. PVH Law § 804

§ 804. 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, upon completion of the rehabilitation of an existing multiple\ndwelling, the construction of a new multiple dwelling or the conversion\nof non-residential property into a multiple dwelling aided by a\nparticipation loan made pursuant to this article, the agency shall\nestablish the initial rent for each dwelling unit within the\nrehabilitated, newly constructed or converted multiple dwelling. Where\nthe city of New York or the New York city housing development\ncorporation has participated or invested in a loan pursuant to this\narticle, all dwelling units within the multiple dwelling subsequent to\nthe establishment of initial rents by the agency shall be subject to the\nrent stabilization law of nineteen hundred sixty-nine provided, that the\noccupant in possession of a dwelling unit when the multiple dwelling is\nmade subject to the rent stabilization law of nineteen hundred\nsixty-nine shall be offered a two year lease notwithstanding any\ncontrary provisions of, or regulations adopted pursuant to, the rent\nstabilization law of nineteen hundred sixty-nine at such initial rent\nset for such dwelling unit by the agency.\n