Buy or get out a newer rule of conversions

More market-rate rental tenants in New York buildings being converted to co-ops or condos are generally unable to keep their apartments unless they buy. That didn’t used to be the case: During the co-op conversion boom of the late 1980s, tenants often had rent-regulated apartments and conversions were done mostly under the rules of a noneviction plan. Now, though, there are fewer such rent-regulated tenants, and a landlord has no obligation to renew a free-market tenant’s lease. more [NYT]