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NY A04954
Bill
Status
2/10/2025
Primary Sponsor
Harvey Epstein
Click for details
AI Summary
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Allows residential rental buildings with 100+ units built after 1996 in New York City to convert to condominium ownership through a "preservation plan" if the owner commits to making income-restricted rental units permanently affordable in perpetuity
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Requires income-restricted units to be transferred to a qualified owner (housing development fund company or community land trust) within 365 days of conversion, with all such units remaining subject to rent stabilization
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Mandates offerors establish a reserve fund (3% of total price) for capital repairs and a dedicated capital fund (0.5% of total price) specifically for income-restricted unit maintenance
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Protects existing tenants by requiring 90-day exclusive purchase rights for occupants, prohibiting evictions of non-purchasing tenants except for cause, and providing permanent occupancy protections for senior citizens (62+) and disabled persons
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Sets effectiveness threshold at 15% of units under purchase agreement and requires offerors to make commercially reasonable good faith efforts to sell 51% of offered units within five years, with the law expiring 4 years after taking effect
Legislative Description
Relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York; provides expanded homeownership opportunities from the conversion of certain residential rental buildings to condominium status by property owners that commit to preserve the inventory of expiring affordable housing in the city of New York.
Last Action
referred to housing
2/10/2025