I remember learning about the NYC rent control debacle at an early age, 7th grade or so. These unintended consequences made perfect sense to me. Why be a landlord? Do something else with it and skip the headaches. Pile on top of that New York's, and especially NYC's rules and tenant's rights, and you're looking at an unattractive business proposition. You'd have to go to law school to figure it out. I'm North Country, and I have problems as it is (with the last shitheads). These people decided they were tired of paying rent, so they just stopped and squatted.
Things are good now, though.