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NY A03057
Bill
Status
1/22/2021
Primary Sponsor
Jeffrey Dinowitz
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AI Summary
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Prohibits renting vacant unsold dwelling units in cooperatives and condominiums unless the original offering plan explicitly disclosed this possibility with a warning to purchasers, or a majority of independent board members consent to the rental.
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Allows a vacant unsold unit to be rented for up to one year if it remains unsold and unoccupied for one year, after which it must be offered for sale again and the restrictions reapply.
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Requires owners renting unsold units to immediately provide the fully executed lease and emergency contact information to the cooperative board of directors or condominium association board of managers.
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Exempts shareholders or unit owners who purchased for personal use or immediate family use but whose family member is not currently occupying the unit, and exempts units owned by the cooperative or condominium association itself.
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Takes effect immediately and applies to all dwelling units that become vacant on or after the effective date.
Legislative Description
Prohibits upon the vacancy of an unsold condominium or cooperative dwelling unit, the rental of such unit unless the original offering plan provided for such rental and a majority of the members of the condominium or cooperative agree thereto; generally requires the sale of such units.
Last Action
referred to housing
1/5/2022