Is City Program Incentivizing Displacement in NY?

In Saturday's New York Times, there was a front page article on a NY landlord who is participating in a program to house homeless New Yorkers. It appears from the article that the featured mega-landlord is converting rentals occupied by long-term tenants into rentals for formerly homeless tenants whose rent is then subsidized by the city, with the subsidized rentals being more lucrative for the landlord. The article fails to address the fundamental problem of displacing one group of tenants in order to house another.

Shouldn't the program have restrictions to prevent subsidies to landlords who engage in this kind of displacement? If not, many of the folks who are displaced will end up homeless, defeating the very purpose of the City's program.