Love.This.

West village apartment for under $400....Manhattan's real estate lottery would be living in a large rent controlled apartment. This article says it all. 
PS I'm a big fan of the rent controlled apartments, my in laws live in a classic six on the upper west side, it is where they've been since 1963, and raised their children, step children, grandchildren and have had many many dinner parties, a wedding, post funeral events, you name it. I'd love to post it, one of these days.