Can you pay Cash For Keys of Rent Controlled Apts in NYC?

[Josh Edwards]

Let's say I were to buy a building in New York City and my business plan to increase rents was to buy rent-controlled tenants out of leases. Once a tenant leaves, the rent-controlled unit becomes free market. Is this legal in New York? And if so, do you NYC investors think tenants would give up their rent-controlled apartments in NYC for cash?

I can't seem to find anything stating that this is not legal, so is there anyone who has tried this before? What was your outcome?

Thanks in advance!

[Alexander Szikla]

They do not become free market - there is a predefined rental rate increase upon vacancy (~20%).

As already mentioned, it is unlikely tenants will leave though. They aren't stupid and realize what a good deal is when they have once. 

DM me and we can discuss the deal in further detail.