If they don't pass, you can give notice as required by law and turn over the unit.That being said, if they've been a good tenant up to now, why rock the boat?

Rent control is a city imposed law, so read-up on it for your market. 

@Justin Kane has the right idea, I would stay out of NYC for investment.Our state government is about to fire a missile right into whatever is left of landlord rights in the city: https://www.nytimes.com/2019/04/17/nyregion/ny-rent-laws-regulation.htmlMost of those bills, if passed, will make NYC and more punishing investment environment than it already is.

@Mitchell Litam , the existing lease runs with the property until it ends, however make sure to read your state's landlord tenant laws, so you know how you can make changes once it comes up for renewal, how much notice you have to give them, etc.Water/electric bills in their names is a matter for their current lease and your utility company's policies.

I realized that most of the buildings I've looked at have garden/basement/in-law units (so below ground).

Go for low property taxes and landlord friendly laws.

And if the home is older get some build code/law ordinance coverage with your policy which is very cheap to add.

They don't fight fair.... actually very unfair.The law says value as of Jan 1....so I've used comps 3 months on either side.  

The city has all of the laws the socialists want, yet it’s killing itself because of it."

https://www.moco-inc.com/blog/wa-state-source-of-income-law-effective-sept-30/