Bill Text: NY A00583 | 2023-2024 | General Assembly | Introduced

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Bill Title: Requires a Mitchell-Lama cooperative seeking to dissolve to offer cooperators who may not be able to afford the increased carrying charges the opportunity to sell.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced) 2024-01-03 - referred to housing [A00583 Detail]

Download: New_York-2023-A00583-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           583

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                     January 9, 2023
                                       ___________

        Introduced  by M. of A. L. ROSENTHAL, BENEDETTO, COOK -- Multi-Sponsored
          by -- M. of A.  GLICK -- read once and referred to  the  Committee  on
          Housing

        AN  ACT  to amend the private housing finance law, in relation to mutual
          companies in a city with a population of one million or more

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section 1. Section 35 of the private housing finance law is amended by
     2  adding a new subdivision 5 to read as follows:
     3    5.  Notwithstanding  any  inconsistent provision of this article or of
     4  any other provision of general, special or local law, a  mutual  company
     5  that  operates  a  project in a city with a population of one million or
     6  more, must, at least ninety days before the date of its  dissolution  or
     7  reconstitution  pursuant  to  this  section, make an offer to all of its
     8  shareholders to repurchase their shares in such mutual company. A share-
     9  holder who elects to sell his or her shares back to such mutual  company
    10  shall  be offered a one-year or a two-year lease for his or her dwelling
    11  unit to commence upon the date of such  dissolution  or  reconstitution,
    12  and  such  dwelling unit shall be fully subject to the provisions of the
    13  rent stabilization law of nineteen hundred sixty-nine and the  emergency
    14  tenant  protection act of nineteen seventy-four. The initial legal regu-
    15  lated rent for any such dwelling unit  following  the  dissolution  date
    16  shall  be  the  last  carrying charges authorized for such dwelling unit
    17  before the dissolution date, including surcharges, if any, and shall not
    18  be subject to adjustment pursuant to subdivision a of section 26-513  of
    19  the  administrative code of the city of New York. Any such dwelling unit
    20  which is subject to rent regulation solely by virtue of this subdivision
    21  shall be decontrolled upon the first vacancy thereof.
    22    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00872-01-3