Rent controlled building

[Schneur Yecheilov]

Hi,

I found a great deal on a 6 unit building in Brooklyn NY. It is a rent controlled building for another 6 years, then the rent control falls off as well as the tax abatement. Its under the SIP Special Initiative Program.

I have a few questions:

1) Once the program ends, am I able to pick up the rent to whatever the market rates are at the time? are there any restrictions?

2) If the answer is yes and the tenant refuses or cannot pay the new rent, will I be able to evict them? and if yes how hard would that be?

3) If a tenant moves out before the program ends, when I put in a new tenant do they get the same rate as the previous tenant or can i pick them up? and if yes by how much?

4) While under the program am i able to Increase rent yearly? and if yes by how much %?

Thank you in advance.