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C.R.E. Shervin, sorry there are no responses yet. Maybe one of these topics can point you in the right direction:
More suggestions...
If those topics were completely useless, don't blame me, blame my programmers...
I take it this is a question for NYC focused folks?
that is correct! The "only" golden ticket out of rent regulation in NYC, as of now.
It's rare to see. They don't happen at any real scale, because getting that level of vacancy in a RS building is extremely difficult and expensive.
From an execution standpoint it's easy enough, but I'd bet in many cases, it makes more sense to tear down the building and rebuild it. As you read, you have to replace 75% of the building systems... at that point, construct a modern building and charge higher rents for it!
I will say, the assets where this works are on old SRO buildings or things like that, where most of the tenants are gone and you can therefore get to that "seriously deteriorated" standard. Or old loft buildings, maybe. But those will require zoning code changes, which in and of itself usually means you're going to be forced to build affordable, rent regulated housing.
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