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Sponsors
2 Co-sponsors
History
- Referred to housing, construction and community development
- 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.
Initiates a four year moratorium on privatization voting by Mitchell-Lama building shareholders
In Assembly Committee · Housing · Sponsor Linda Rosenthal
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3258
Title of bill
An act to amend the private housing finance law, in relation to initiating a four-year moratorium on privatization voting by Mitchell-Lama building shareholders
Purpose or general idea of bill
The purpose of this legislation is to institute a four Year moratorium in between failed voluntary dissolution votes within limited-profit housing companies.
Summary of specific provisions
This bill would add subdivision 5 of section 35 of the private housing finance law.
Justification
Privatization votes in Mitchell-Lama developments can be contentious ordeals, and many tenants have complained of being harassed and intimidated during the voting period. The damage inflicted by this is compounded when shareholders are subject to repeated dissolution votes within short duration. These additional attempts undertaken without justifiable change in shareholder composition or situational context only serve to undermine the original decision that the corporation has reached and create relentless year-round pressure, A modest four year moratorium between voluntary dissolution votes would provide an appropriate respite and lead to a better electoral process and more hospitable climate for tenants and shareholders.
Prior legislative history
A.11156 of 2010
Fiscal implications
None.
Effective date
This act shall take effect on the ninetieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.