Is there a time limit for NYC rent controlled apartments?

Question

I heard that in a certain amount of years, rent controlled and rent stabilizing will end in New York city and all apartments will be subject to the free market. Does anyone know when this will take place?

Answer 1

NYC's rent control laws come up for renewal every few years & the NYC legislature keeps re-enacting them.  Rent control/stabilization ends when rental reaches $2,000 a month or when the tenant's income rises to a certain amount.  As a result there is a constant attrition in the number of apartments.  Sooner or later even the worst rat-warren in Manhattan will be at $2k a month.