There must be some significant advantage to this plan though, because you hear about it all the time all over the city. Council Speaker Corey Johnson is working to end landlords' ability to do this.
Long time tenants in retail or restaurant spaces get new leases and find that their rent has tripled or quadrupled, making their business no longer sustainable. They move or shutter and the space remains empty for months or years. If it were better for landlords to have tenants, even if those tenants are not paying the pie-in-the-sky rents that landlords think they're due, you'd see a lot fewer empty storefronts and restaurants around town.