What's happening
This bill requires voter approval via referendum before cities with over one million people can sell property valued above $25 million.
Why it matters
Gives local voters significant power over major city asset sales. By requiring a referendum for sales of high-value property, this bill ensures that residents, not just city officials, have the final say in decisions affecting potentially vital public assets.
May slow or complicate large real estate transactions. The need for public approval could introduce delays and uncertainty, impacting city planning, development timelines, and negotiations with potential buyers.
Increases transparency and accountability. The referendum process would force city leaders to justify large property sales publicly, potentially deterring controversial or unpopular deals.
Targets only the largest cities and transactions. The law applies only to cities with over one million people and only to properties valued above $25 million, focusing its impact on major urban centers and high-stakes deals.
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Who cares
New York City officials
The bill would bar the city from selling property assessed at more than $25 million without approval through a permissive referendum.
New York City voters
They would have a role in approving covered city property sales through a permissive referendum held on general election day.
Prospective buyers of city property
Purchases of city property assessed at more than $25 million would be subject to the referendum approval requirement.
Headline styles
Require Referendum for Property Sales
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to cities
- Referred to cities
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
425
2017-2018 Regular Sessions
IN ASSEMBLY
January 9, 2017
Introduced by M. of A. PERRY -- read once and referred to the Committee on Cities
AN ACT to amend the general municipal law, in relation to requiring voter approval for sale of certain property in cities with a population of one million or more
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The general municipal law is amended by adding a new section 74-a to read as follows:
§ 74-a. Sale of certain properties in cities with a population of one million or more. No city with a population of one million or more shall sell any property assessed at over twenty-five million dollars unless such sale has been approved pursuant to a permissive referendum. Such permissive referendum shall be held on the day of the general election no less than ninety days before it is held in accordance with the provisions of section twenty-four of the municipal home rule law.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06341-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.