What happens once the 70 year “emergency rent law” is struck down you ask? Well, tenants of rent regulated apartments would scramble to find roommates or be forced to vacate because the landlord would increase rents as soon as possible. I find that the latter would occur. Many tenants of rent regulated apartments would move to the outer boroughs like Brooklyn or Queens where market rents are less expensive than Manhattan market rents.
Once the tenants of the newly deregulated apartments are out, landlords would be forced to renovate each of the newly deregulated apartments and some would even be forced to renovate the entire building due to the new real estate market conditions. In order for a landlord to obtain market rates, he must compete with other rental properties. This dynamic would put pressure on landlords to install new windows, new kitchens, new floors, and so forth which would in turn create numerous jobs specifically for plumbers, electricians, carpenters, contractors, and the like.
Another phenomenon that will most likely occur specifically in the Upper West Side would be that most Brownstones would be converted back into one family mansions immediately due to the fear of the rent regulation law being reinstated upon some other “emergency law.”