[boskonyc]

The building that I currently live in in Manhattan was taken out of rent regulation (stabilization) with my lease. It's a well managed elevator building from the 70s. I'm perfectly fine paying several times more than some of the building's remaining old timers whose rents only go up 2-3% per year. My rent actually only goes up 4-5% per year. The only difference between the regulated units and mine is what would happen if the building changed owners. If a new landlord came in and was less interested in long-term quality tenants, they could dramatically raise or double my rent every year, finding newer, richer, dumber tenants -- as long as the market would tolerate it (and with the national and international interest in new york, it would). The regulated units meanwhile would continue to only raise at 2-3% per year.