§ 26-507 Application to certain multiple dwellings purchased from the city

a. Notwithstanding the provisions of any local law or regulation promulgated pursuant to the rent stabilization law of nineteen hundred sixty-nine or the emergency tenant protection act of nineteen seventy-four, upon the sale in any manner authorized by law of a multiple dwelling which was previously subject to the provisions of any such laws or acts which was acquired by the city in a tax foreclosure proceeding or pursuant to article nineteen-A of the real property actions and proceedings law, all dwelling units within the multiple dwelling shall be subject to the rent stabilization law of nineteen hundred sixty-nine, as amended, at the last rent charged by the city, or on behalf of the city, for such dwelling unit.

b. If a unit which was subject to this chapter at the time the city so acquired title is occupied by a tenant who was in occupancy at the time of acquisition and remains in occupancy at the time of sale, such tenant shall be offered a one or two year lease at the rent provided in this section as soon as practical at the sale of the multiple dwelling.

c. This section shall not apply to redemptions from city ownership pursuant to chapter four of title eleven of the code.