Section 26-507. Application to certain multiple dwellings purchased from the city

a.  Notwithstanding  the  provisions  of  any  local  law  or  regulation  promulgated  pursuant  to  the  rent  stabilization  law  of
  nineteen hundred sixty-nine or the emergency tenant  protection  act  of
  nineteen  seventy-four, upon the sale in any manner authorized by law of
  a multiple dwelling which was previously subject to  the  provisions  of
  any  such  laws  or  acts  which  was  acquired  by  the  city  in a tax
  foreclosure proceeding or pursuant to article  nineteen-A  of  the  real
  property  actions  and  proceedings  law,  all dwelling units within the
  multiple dwelling shall be subject to  the  rent  stabilization  law  of
  nineteen hundred sixty-nine, as amended, at the last rent charged by the
  city, or on behalf of the city, for such dwelling unit.
    b. If a unit which was subject to this chapter at the time the city so
  acquired  title is occupied by a tenant who was in occupancy at the time
  of acquisition and remains in occupancy at the time of sale, such tenant
  shall be offered a one or two year lease at the rent  provided  in  this
  section as soon as practical at the sale of the multiple dwelling.
    c.  This  section  shall  not apply to redemptions from city ownership
  pursuant to chapter four of title eleven of the code.
    * NB Expires April 1, 2012