Section 2429. Rentals

Notwithstanding the provisions of, or any regulation
  promulgated pursuant to, the emergency housing  rent  control  law,  the
  local  emergency  housing rent control act or local law enacted pursuant
  thereto, all dwelling units in a multiple dwelling the rehabilitation or
  construction of which  commenced  after  July  first,  nineteen  hundred
  seventy-eight  and  which  is  financed by a loan insured by the agency,
  except for dwelling units occupied by reason of ownership of stock in  a
  cooperative,  shall be subject to the rent stabilization law of nineteen
  hundred sixty-nine or the emergency tenant protection  act  of  nineteen
  seventy-four, if applicable in the geographic area in which the multiple
  dwelling  is  located,  beginning  immediately  after  initial  rents as
  established under applicable provisions of the rent stabilization law of
  nineteen hundred sixty-nine, the  emergency  tenant  protection  act  of
  nineteen  seventy-four  or  the  private  housing  finance  law for such
  dwelling units become effective on the basis of such  rehabilitation  or
  construction,  provided  that  any  occupant in possession of a dwelling
  unit that first  becomes  subject  to  the  rent  stabilization  law  of
  nineteen  hundred  sixty-nine  or the emergency tenant protection act of
  nineteen seventy-four pursuant  to  this  section  shall  be  offered  a
  two-year   lease   notwithstanding   any   contrary  provisions  of,  or
  regulations adopted pursuant to, such law or act, at  the  initial  rent
  established for such dwelling unit.