My parents lived in the same rent stabilized as opposed to rent controlled unit in nyc for exactly 50 years. I think it provided for larger though not market rent increases. The unit was bought and sold, rent still stabilized.
The landlord still made a mint on the unit via appreciation
I think the nyc landlords only really get hurt when someone stays very long term. The shorter the stay the lower the impact if the rent resets on vacancy. Avg dtays probably not that long, definitely not 50 years.
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The people most harmed were young people seeking a market priced unit.did the scarcity caused by people not moving cause the value to appreciate even more? Maybe.
I often think of fred mertz on i love lucy. His building is worth a fortune today, rigght? 5-20 million? More? Yet he was just a hustling landlord on the show, cheap, regular dude. If hed sold as rent control was in place hed have missed out on huge appreciation. Course he was about 60 in the 1950s. Prob. Wouldnt have lived to see it.
