If held for 10+ years you get all of the benefits of the legislation and as you said, all of your gains would be wiped out if sold (actual language is that your basis is increased to the FMV of the property on the date of sale).

They are obligated to tell you the truth but only if you ask.3) Reading up on local legislation, so you know if something in the market is shifting.

I just don't understand the rationale toward large scale rent control occurring across the nation other than legislators passing something that sounds good to voters but in reality has very little historical data showing it actually improves anything. 

I would have expected STR owners to welcome legislation like this, since it actually protects their neighborhoods and their investments.

The monroe county website is pretty good for finding the tax information  to run realistic numbers.Also NYS passed some new legislation regarding tenants rights, which may make things a little trickier. 

While California renters probably breathed a sigh of relief, property owners, at least at Primrose, scrambled to raise their rents before the legislation becomes official law.Tenants at the 26-unit Primrose, located north of the city limits on U.S.

It will be interesting to see how this plays out, because this last July, Seattle also passed new land use legislation that allows up to 2 additional units on a single family home property (one attached accessory dwelling unit and one detached ADU). 

Currently IL has passed legislation to outlaw it, but it's not to North Carolina yet. 

Does this vary per lending institution or is there actual legislation involved? 

Warren’s renters protection plan reads a lot like the legislation San Francisco has been busy passing for the last 20+ years.