Bill Text: NY A00971 | 2015-2016 | General Assembly | Introduced
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 11-0)
Status: (Introduced - Dead) 2016-01-06 - referred to housing [A00971 Detail]
Download: New_York-2015-A00971-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 971 2015-2016 Regular Sessions I N A S S E M B L Y January 8, 2015 ___________ Introduced by M. of A. ROSENTHAL, BENEDETTO, ROBINSON, COOK, BROOK-KRAS- NY, JAFFEE -- Multi-Sponsored by -- M. of A. BRENNAN, FARRELL, GLICK, HEASTIE, MARKEY, PERRY, TITONE -- 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 S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03933-01-5