NY A03353

Establishes the Tenant Opportunity to Purchase Act (TOPA) requiring owners of rental housing to give tenants and qualified purchasers a first right to purchase before selling to third parties.

Grants tenants a right of first offer (initial opportunity to make an offer) and right of first refusal (opportunity to match third-party offers), with timelines varying by property size: 20-30 days for 1-2 units, 30-45 days for 3+ units, with extensions available for larger buildings.

Requires permanent affordability restrictions on purchased properties for 99 years (renewable at year 100) with annual rent increases capped at consumer price index and resale prices limited to 3% annual appreciation for tenant/organization purchases.

Exempts government-owned properties, hospitals, educational dormitories, single-unit properties not owned by corporations, hotels, and properties with existing federal/state affordable housing agreements from TOPA requirements.

Establishes enforcement mechanisms including civil penalties up to $1,000 per day per unit for violations, mandatory damages of 10-30% of sale price for knowing violations, and allows courts to enjoin non-compliant sales; requires HCR to administer program and publish lists of qualified purchasers and supportive partners.