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Sponsors
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History
- Referred to housing, construction and community development
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to vacancies and illegal use and occupancy with regard to cooperative or condominium conversion plans
In Assembly Committee · Housing · Sponsor Micah Kellner
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general business law, in relation to vacancies and illegal use and occupancy relating to cooperative or condominium conversion plans
Purpose or general idea of bill
To protect tenants living in a building undergoing a co-op or condo conversion.
Summary of specific provisions
Section 1 amends General Business Law § 352-eeee (2) (e) by extending the period in which a landlord must maintain a long-term vacancy rate that is not "excessive" in connection with a co-op/condo conversion. The law now bars "warehousing" vacant apartments during the period five months prior to filing a proposed offering statement with the attorney general. The bill extends that ban to the period up until the proposed offering statement is accepted by the attorney general.
Section 2 amends General Business Law § 352-eeee (4), to add that if a landlord permits illegal use or occupancy in the building, the attorney general may block the co-op/condo conversion.
Justification
Landlords who are converting rental properties into co-ops and condos often begin evicting tenants and letting apartments stay vacant as soon as the conversion prospectus is filed with the attorney general, in order to increase the value of the shares or units they intend to sell on the open market. This bill would reduce the incentive and ability to warehouse units while the attorney general reviews the proposed offering statement.
In many cases, landlords allow unlawful use of their properties - such as illegal hotels - in connection with an effort to convert their properties to co-ops or condos. They do this to harass tenants to move out or purchase, or to make more money even when apartments are no longer occupied by residential tenants. This practice harms tenants, and would be prohibited by this legislation.
Fiscal implications
None.
EFFECTIVE DATE ; This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.