> The main reason that doesn't happen in NYC in particular is rent control/stabilization -- dropping the rent lowers your baseline. I was in a few "rent stabil

> The main reason that doesn't happen in NYC in particular is rent control/stabilization -- dropping the rent lowers your baseline. I was in a few "rent stabilized" apartments in NYC over the years, they always had a clause in the contract that "the official price is $1750, but there is a rebate so you will pay $1450" or something like that. After you move out, regardless of the state of the apartment, they spend 2 weeks painting it. This is required to be able to maximize the increase in the "official price" ... though that seemed completely independent of the lower market price. (That was the case 6+ years ago, I've been in slightly more expensive apts since.)