It’s only a transfer of wealth and the time it is enacted. The landlords that owned NYC real estate in 1974 lost the then net present value of the difference be

It’s only a transfer of wealth and the time it is enacted. The landlords that owned NYC real estate in 1974 lost the then net present value of the difference between the units they owned under a market rate regime and under the rate stabilization regime. Any landlord that acquired his property since then has lost nothing, and indeed would garner a windfall if rent stabilization were to be abolished.