Bill Text: NY S02338 | 2017-2018 | General Assembly | Introduced
Bill Title: Initiates a four year moratorium on privatization voting by Mitchell-Lama building shareholders between failed dissolution votes.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S02338 Detail]
Download: New_York-2017-S02338-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2338 2017-2018 Regular Sessions IN SENATE January 13, 2017 ___________ Introduced by Sen. ALCANTARA -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the private housing finance law, in relation to initiat- ing a four-year moratorium on privatization voting by Mitchell-Lama building shareholders 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. (a) In the event of a failed voluntary dissolution vote by a compa- 4 ny subject to this article, there shall be a four-year moratorium on 5 voluntary dissolution voting by such company. 6 (b) Any city, town or village may enact local laws, ordinances, resol- 7 utions or regulations not less restrictive than those provided in this 8 subdivision. 9 (c) The provisions of this subdivision shall not diminish the require- 10 ments of any other law which may apply to such action. 11 § 2. This act shall take effect on the ninetieth day after it shall 12 have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05427-01-7