NY A06973

Requires buyout agreements to be made in writing and include landlord contact information, date, offer amount, and reason for contacting tenant.

Mandates landlord notify tenants in writing that they may reject the offer and consult an attorney before accepting any buyout agreement.

Establishes a 90-day minimum review period before tenant and landlord can execute a buyout agreement, allowing time for tenant to understand rights and seek legal counsel.

Classifies buyout offers as harassment if landlord provides false information, contacts tenant at workplace without permission, or continues contacting tenant within 180 days after tenant requests no further contact.

Requires landlords to report executed buyout agreements to the Division of Housing and Community Renewal within 90 days, with annual reporting to legislature starting January 31, 2023; establishes penalties of $500 for failure to report and $1,000 per violation for harassment or other violations.