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NY A02148
Bill
Status
1/23/2023
Primary Sponsor
Jeffrey Dinowitz
Click for details
AI Summary
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Prohibits rental of vacant unsold dwelling units in residential cooperatives and condominiums unless the original offering plan expressly disclosed this possibility with a warning to purchasers.
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Allows rental of vacant unsold units if a majority of non-affiliated board members (from either the cooperative corporation or condominium association) consent to the rental.
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Permits one-year rental periods for unsold units that remain vacant and unsold for one year, after which the unit must again be offered for sale and the same 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 or condominium board.
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Exempts shareholder or unit owners who establish they purchased for personal use by themselves or immediate family members, and exempts units owned by the cooperative or condominium association itself.
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
1/3/2024