Rent Stabalized Buildings NYC

[Brian Smolin]

Hi All, 

I recently completed my live in flip with a combination of the BRRR method and currently house hacking the property.

I want my next investment to be multi-family buildings, I don't have much desire to go the single-family route as in the tri-state area you can't find anything that cashflows. 

I have been looking in markets like Cleveland, Columbus, South Florida as they seem or offer higher cap rates and I'm able to get a decent offering of properties in the 1.5MM rage. 

I recently found a few buildings, 6 & 8 Units in areas of Brooklyn NY that are fully rent-stabilized and occupied. What I cant seem to figure out is what happens when the current tenants leave?

As units vacate and updates are made am I then allowed to increase the rents of the units to market price or will i always be restricted by the laws governing rent stabilization in the area? 

I'm also not looking for a short tern play, my investments are all minimum 5yr hold periods. 

Any feedback on this would be greatly appreciated. 

Thanks, 

Brian