What happens if I get Liz Lemon'd?

So... I was just watching 30 Rock in that same positionLiz Lemon as at the beginning of the show (asleep on the couch) and something real estate related came on!

Video coming soon, but it's not YouTubed yet.

So Liz discovered that her apartment in New York was being converted to condos, and that she would have to either move or face her rent being jacked up sky high. Hilarity ensues (no spoilers here) but the punchline is "In New York real estate, there are no rules."

But in all real estate there are some rules. It's true that they can't make you buy your apartment. But once your lease is up, you either have to buy or find an investor to buy that you can rent from. Here's a summary of what you should do from luxurypropertymanagement.com

So since, you are offered first right of refusal, it's unlikely you would find out from a Realtor who thinks you are the Polish cleaning lady.

The bigger worry might be that the condo you just bought might go back to apartments. Here's a thread on that

Again, once you've closed, they can't make you do anything. But, it's up to you if you want to live with renters or buy a better property. If you're worried about it, consult your Realtor before you close.  Be careful of signing agreements on buildings less than 30% sold.

In general, outside of the South and West Loops, there hasn't been much of this kind of activity in Chicago lately.  It generally occurs in new construction and not at random, especially in an economy where buyers are hard to come by.

And in the end, I don't advocate Liz's solution for finding a bigger piece of real estate, even if it is funny.