It's worth pointing out that new legislation combined with concerned organizations and new advisors entering the industry has started to change the landscape.

Regarding your question of whether people sue for that, evidently a lot of Republicans in Congress think enough people are (or will) to emphasize removing businesses from such liability in the recently discussed legislation. 

And thus, the cycle will continue until the only people left will be the legislators and the leeches.Here's an article:https://www.timesunion.com/local/article/Study-finds-New-York-losing-the-most-tax-payers-9223778.php

So, loosely, if you take the monthly rent and multiply it by 12, then add in attorney's fees and court costs, you can be at $5000 quite easily.Since your five evictions technically fall under this new legislation, you might get caught in this net. 

You need to find an attorney that is well versed in all the recent NY legislative nonsense. 

The cynic in me says the legislators made it deliberately complex so that mom-and-pop landlords would get caught in procedural missteps which allow the tenants to stay longer on your dime as you are forced to restart the process. 

I am not sure if you follow Texas legislation but a major piece of legislation has just passed regarding property taxes which applies to investment properties too. https://www.texastribune.org/2023/07/24/texas-abbott-propert...It probably helps that Dade Phelan, the Texas Speaker of the House of Representatives owns legacy commercial real estate  and also does development in Beaumont Texas. 

A link to the official legislation would be helpful because I believe people are getting mixed messages from different sources. 

What if someone lives in an area that simply won't cash flow, is in a location that doesn't fit their investment goals, that they can't afford to invest in, or an area that has legislative changes that will dramatically effect how that property is managed? 

Several cities in Southern California have been/are involved in VR legislation litigation.