§ 611. Rent stabilization and regulatory agreements. 1.
Notwithstanding any other provision of law, including the provisions of,
or any regulation promulgated pursuant to, the emergency tenant
protection act of nineteen seventy-four or the rent stabilization law of
nineteen hundred sixty-nine, the state division of housing and community
renewal, when supervising housing accommodations under provisions of law
other than the emergency tenant protection act of nineteen seventy-four
or the rent stabilization law of nineteen hundred sixty-nine, the New
York city department of housing preservation and development, the New
York state urban development corporation, the New York state housing
finance agency, the New York state housing trust fund, and the New York
city housing development corporation, or such other state or municipal
agency, political subdivision, public benefit corporation, or
instrumentality as the state division of housing and community renewal
shall identify, may, by agreement with an owner of a multiple dwelling,
subject any housing accommodation in such multiple dwelling to the
emergency tenant protection act of nineteen seventy-four or the rent
stabilization law of nineteen hundred sixty-nine, or both, if applicable
to the municipality. The requirements of such agreement shall supplement
any requirements imposed on such housing accommodation pursuant to any
other provisions of law.

2. Any agreement between a state or municipal agency, political
subdivision, public benefit corporation, or instrumentality described in
subdivision one of this section and an owner of a multiple dwelling that
contains provisions that are consistent with subdivision one of this
section and that is in effect as of the effective date of this section
is and will remain valid and enforceable.