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NY A00583
Bill
Status
1/9/2023
Primary Sponsor
Linda Rosenthal
Click for details
AI Summary
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Mutual companies operating housing projects in cities with populations over one million must offer to repurchase shares from all shareholders at least 90 days before dissolution or reconstitution.
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Shareholders who elect to sell shares back to the mutual company receive a one or two-year lease for their dwelling unit commencing on the dissolution or reconstitution date.
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Leased units become subject to rent stabilization law and emergency tenant protection act, with initial regulated rent set at the last authorized carrying charges before dissolution, excluding adjustment provisions.
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Units subject to rent regulation under this subdivision are decontrolled upon first vacancy after the lease term expires.
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The act 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
1/3/2024