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NY A01857
Bill
Status
1/11/2021
Primary Sponsor
Linda Rosenthal
Click for details
AI Summary
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Amends the Private Housing Finance Law to require mutual companies operating in cities with populations of one million or more to offer share repurchase to all shareholders at least 90 days before dissolution or reconstitution.
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Shareholders who sell shares back to the mutual company receive a one- or two-year lease for their dwelling unit upon dissolution or reconstitution.
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Leased units become subject to the Rent Stabilization Law of 1969 and the Emergency Tenant Protection Act of 1974, with initial regulated rent set at the last authorized carrying charges before dissolution.
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Initial rent cannot be adjusted under the standard provisions of NYC Administrative Code Section 26-513 and units are decontrolled upon first vacancy.
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Takes effect immediately upon enactment.
Legislative Description
Requires a Mitchell-Lama cooperative seeking to dissolve to offer cooperators who may not be able to afford the increased carrying charges the opportunity to sell.
Last Action
referred to housing
1/5/2022