Bill Text: NY A08809 | 2021-2022 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Permits certain buildings with five or fewer units to convert to cooperative or condominium ownership upon written purchase agreements with at least fifteen percent of the dwelling units in the building.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2022-12-16 - signed chap.696 [A08809 Detail]

Download: New_York-2021-A08809-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8809

                   IN ASSEMBLY

                                    January 12, 2022
                                       ___________

        Introduced  by  M.  of  A.  EICHENSTEIN -- read once and referred to the
          Committee on Housing

        AN ACT to amend the general business law, in relation to the  percentage
          of units to be sold to convert certain real property to cooperative or
          condominium ownership in the city of New York

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

     1    Section 1. Paragraph (b) of subdivision 1 of section 352-eeee  of  the
     2  general business law, as amended by section 1 of part N of chapter 36 of
     3  the laws of 2019, is amended to read as follows:
     4    (b)  "Non-eviction  plan".  A plan which may not be declared effective
     5  until written purchase agreements have been executed and  delivered  for
     6  at  least  fifty-one  percent  of  all dwelling units in the building or
     7  group of buildings or development by bona fide tenants who were in occu-
     8  pancy on the date a letter was issued by the attorney general  accepting
     9  the  plan  for  filing; provided, however, that for buildings containing
    10  five or  fewer  units,  until  written  purchase  agreements  have  been
    11  executed  and  delivered  for  at  least fifteen percent of all dwelling
    12  units in the building or group of buildings or  developments  subscribed
    13  for by bona fide tenants in occupancy or bona fide purchasers who repre-
    14  sent  that they intend that they or one or more members of their immedi-
    15  ate family occupy the dwelling unit when it becomes vacant. The purchase
    16  agreement shall be executed and delivered pursuant to an  offering  made
    17  in  good faith without fraud and discriminatory repurchase agreements or
    18  other discriminatory inducements.
    19    § 2. Subparagraph (i) of paragraph (c) of  subdivision  2  of  section
    20  352-eeee  of the general business law, as amended by section 1 of part N
    21  of chapter 36 of the laws of 2019, is amended to read as follows:
    22    (i) [The] (1) Subject to the provisions of subparagraph  two  of  this
    23  paragraph, the plan may not be declared effective until written purchase
    24  agreements  have  been  executed  and  delivered  for at least fifty-one
    25  percent of all dwelling units in the building or group of  buildings  or
    26  development subscribed for by bona fide tenants in occupancy on the date
    27  a  letter  was  issued  by  the  attorney general accepting the plan for

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13595-01-1
        A. 8809                             2

     1  filing for which purchase agreement  shall  be  executed  and  delivered
     2  pursuant  to  an  offering made without discriminatory repurchase agree-
     3  ments or other discriminatory inducements.
     4    (2)  For buildings containing five or fewer units, the plan may not be
     5  declared effective until written purchase agreements have been  executed
     6  and  delivered for at least fifteen percent of all dwelling units in the
     7  building or group of buildings or developments subscribed  for  by  bona
     8  fide  tenants  in  occupancy  or bona fide purchasers who represent that
     9  they intend that they or one or more members of their  immediate  family
    10  occupy  the dwelling unit when it becomes vacant. As to tenants who were
    11  in occupancy on the date a letter was issued  by  the  attorney  general
    12  accepting  the plan filing, the purchase agreement shall be executed and
    13  delivered pursuant to an offering made without discriminatory repurchase
    14  agreements or other discriminatory inducements.
    15    § 3. This act shall take effect on the ninetieth day  after  it  shall
    16  have become a law. Effective immediately, the addition, amendment and/or
    17  repeal  of  any  rule  or regulation necessary for the implementation of
    18  this act on its effective date are authorized to be made  and  completed
    19  on or before such date.