Bill Text: NY S08564 | 2021-2022 | General Assembly | Introduced
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 2-0)
Status: (Introduced - Dead) 2022-05-18 - SUBSTITUTED BY A8809B [S08564 Detail]
Download: New_York-2021-S08564-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8564 IN SENATE March 14, 2022 ___________ Introduced by Sen. GOUNARDES -- 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 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 clause two of this subpara- 25 graph, the plan may not be declared effective until written purchase 26 agreements have been executed and delivered for at least fifty-one EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13595-05-2S. 8564 2 1 percent of all dwelling units in the building or group of buildings or 2 development subscribed for by bona fide tenants in occupancy on the date 3 a letter was issued by the attorney general accepting the plan for 4 filing for which purchase agreement shall be executed and delivered 5 pursuant to an offering made without discriminatory repurchase agree- 6 ments or other discriminatory inducements. 7 (2) For buildings containing five or fewer units, the plan may not be 8 declared effective until written purchase agreements have been executed 9 and delivered for at least fifteen percent of all dwelling units in the 10 building subscribed for by bona fide tenants in occupancy or bona fide 11 purchasers who represent that they intend that they or one or more 12 members of their immediate family occupy the dwelling unit when it 13 becomes vacant, provided that the sponsor of the offering plan offers 14 the unit that they or their immediate family member have occupied for at 15 least two years. As to tenants who were in occupancy on the date a 16 letter was issued by the attorney general accepting the plan filing, the 17 purchase agreement shall be executed and delivered pursuant to an offer- 18 ing made without discriminatory repurchase agreements or other discrimi- 19 natory inducements. 20 § 3. This act shall take effect on the ninetieth day after it shall 21 have become a law. Effective immediately, the addition, amendment and/or 22 repeal of any rule or regulation necessary for the implementation of 23 this act on its effective date are authorized to be made and completed 24 on or before such date.
