Bill Text: NY A08809 | 2021-2022 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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
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
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. LBD13595-01-1A. 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.