What's happening
This bill creates a four-year moratorium on Mitchell-Lama building privatization votes after a failed dissolution vote.
Why it matters
Stabilizes Housing for Residents. The four-year moratorium after a failed dissolution vote gives residents of Mitchell-Lama buildings a guaranteed period of stability, protecting them from repeated, rapid attempts to privatize their housing and potentially lose affordable units.
Empowers Local Control. The bill specifically allows cities, towns, or villages to pass their own laws that are even stricter, enabling communities to tailor protections to local needs and potentially extend or reinforce moratorium periods.
Preserves Existing Legal Protections. The new language ensures that the moratorium does not weaken or override any other legal requirements or protections already in place for these buildings, safeguarding against unintended loopholes or reductions in tenant rights.
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Who cares
Headline styles
Pause Privatization Votes Now
Plain English, a few words. Used as the page title.
Sponsors
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History
- Referred to housing
- Referred to housing
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1105
2019-2020 Regular Sessions
IN ASSEMBLY
January 14, 2019
Introduced by M. of A. L. ROSENTHAL -- read once and referred to the Committee on Housing
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
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 35 of the private housing finance law is amended by adding a new subdivision 5 to read as follows:
5. (a) In the event of a failed voluntary dissolution vote by a company subject to this article, there shall be a four-year moratorium on voluntary dissolution voting by such company.
(b) Any city, town or village may enact local laws, ordinances, resolutions or regulations not less restrictive than those provided in this subdivision.
(c) The provisions of this subdivision shall not diminish the requirements of any other law which may apply to such action.
§ 2. This act shall take effect on the ninetieth day after it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02592-01-9
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.