2012 New York Consolidated Laws
PVH - Private Housing Finance
Article 15 - (800 - 806) PARTICIPATION LOANS TO OWNERS OF MULTIPLE DWELLINGS BY PRIVATE INVESTORS AND MUNICIPALITIES UTILIZING FEDERAL GRANT FUNDS
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.