NY A06921

Establishes a "preservation plan" framework allowing conversion of rental buildings to condominiums in New York City, conditioned on the property owner maintaining income-restricted rental units permanently affordable through a regulatory agreement with a housing finance agency.

Requires preservation plans to include income-restricted rental units at 30 percent of total units (for inclusionary housing projects), with rents limited to households earning no more than 60 percent of area median income upon vacancy, and exempts these units from the condominium exemption to rent stabilization.

Grants existing tenants exclusive 90-day purchase rights at locked-in prices after attorney general acceptance, followed by 6 additional months of matching rights; prohibits evictions of non-purchasing tenants except for non-payment of rent or lease violations.

Mandates establishment of a reserve fund equal to 3 percent of total offering price (minimum 1 percent) and a dedicated capital fund of 0.5 percent of total price for unit repairs in income-restricted rental units, with offeror required to sell at least 51 percent of offered units within 5 years.

Imposes filing fees on preservation plans (ranging from $750 to $60,000 depending on offering size) and sunset provision: act expires 4 years after effective date (180 days after enactment).