Eh it would be way smaller than you’d think. For one leases would likely play out as is, and also a lot of rent stabilized apartments aren’t done under the emergency declaration but a trade of value which would likely be allowed.

So it would only be the older rentals that were undervalued by a fair bit (because if the net is an extra couple of hundred a month most are going to stay put). Still major but smaller than all rent stabilized apartments and done over a year or two.

Also the downsizing of over housed people will likely depress the market some which will mitigate the impact for a while. This is partly why some market rate landlords aren’t quite as excited as people would expect.

Again we aren’t likely to find out by my guess is there would be cataclysmic headlines briefly but the spread over time and space would likely make it less impressive of a media event.