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!