"The truth is that the vast majority of rent stablized or rent controlled apartments are in really bad shape. They haven't been upgraded or renovated and their upkeep obviously hasn't been all that great in comparison to market rate apartments. Many of the better ones in better locations have already been turned into condos and a few private large residences leaving a vast amount of mediocre inventory. If they would ever be turned to market rate, the landlords would have to spend 100 grand plus per apartment to warrant having anyone interested in those units. In the outer boroughs many rent stabilized apartments are not that much cheaper than the ones that are market rate."?anon [UWS Landlord Takes Rent Regulations to Supreme Court]
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