§ 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.