Sec. 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.