Bill Text: NY A00971 | 2015-2016 | 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 11-0)

Status: (Introduced - Dead) 2016-01-06 - referred to housing [A00971 Detail]

Download: New_York-2015-A00971-Introduced.html

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                           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