What's happening
This bill requires voter approval through a referendum before any city with over one million people can sell property valued above $25 million.
Why it matters
Increases public oversight over major city property sales. By requiring a public referendum for any property sale over $25 million, this bill gives residents a direct say in major real estate decisions that could impact city finances, public assets, or neighborhood character.
Potentially slows or complicates large real estate transactions. The referendum requirement adds a new layer of process and potential delay for any city considering the sale of high-value assets, which may affect how quickly or easily these deals can be completed.
Raises the stakes for city planning and fiscal management. Cities with over one million people (notably, New York City) would need to justify large property sales to voters, possibly making it harder to use such sales as a quick fix for budget gaps or development goals without broad public support.
Albany, before your first meeting.
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Who cares
Headline styles
Require Votes on Big 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
85
2019-2020 Regular Sessions
IN ASSEMBLY (Prefiled)
January 9, 2019
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.
LBD02569-01-9
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.