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

New York Assembly Bill 8809 (Prior Session Legislation)

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-Amended.html


                STATE OF NEW YORK
        ________________________________________________________________________

                                         8809--A
                                                                Cal. No. 448

                   IN ASSEMBLY

                                    January 12, 2022
                                       ___________

        Introduced  by  M.  of  A.  EICHENSTEIN -- read once and referred to the
          Committee on Housing -- reported from committee, advanced to  a  third
          reading,  amended  and  ordered  reprinted, retaining its place on the
          order of third reading

        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 a building containing
    10  five or fewer units, and where the sponsor of the offering  plan  offers
    11  the  unit that they or their immediate family member has occupied for at
    12  least two years, the plan may not be effective  until  written  purchase
    13  agreements have been executed and delivered for at least fifteen percent
    14  of  all  dwelling  units  in  the  building  subscribed for by bona fide
    15  tenants in occupancy or bona fide purchasers  who  represent  that  they
    16  intend that they or one or more members of their immediate family occupy
    17  the  dwelling  unit when it becomes vacant. The purchase agreement shall
    18  be executed and delivered pursuant to an offering  made  in  good  faith
    19  without  fraud and discriminatory repurchase agreements or other discri-
    20  minatory inducements.
    21    § 2. Subparagraph (i) of paragraph (c) of  subdivision  2  of  section
    22  352-eeee  of the general business law, as amended by section 1 of part N
    23  of chapter 36 of the laws of 2019, is amended to read as follows:
    24    (i) [The] (1) Subject to the provisions of subparagraph  two  of  this
    25  paragraph, the plan may not be declared effective until written purchase

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13595-03-2

        A. 8809--A                          2

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