Bill Text: NY S04910 | 2025-2026 | General Assembly | Introduced

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Bill Title: Provides that a plan may not be declared effective for conversion to cooperative or condominium ownership until written purchase agreements have been executed and delivered for at least twenty-five percent of all dwelling units in the building or group of buildings and written consent has been obtained from the bona fide tenants who were in occupancy of fifty-one percent of the dwelling units in the building or group of buildings or development on the date a letter was issued by the attorney general accepting the plan for filing.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2025-02-14 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S04910 Detail]

Download: New_York-2025-S04910-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4910

                               2025-2026 Regular Sessions

                    IN SENATE

                                    February 14, 2025
                                       ___________

        Introduced  by  Sen.  FELDER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community Development

        AN  ACT to amend the general business law, in relation to the conversion
          of certain real property to cooperative or  condominium  ownership  in
          the city of New York

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph (b) of subdivision 1 of section 352-eeee  of  the
     2  general  business law, as amended by chapter 696 of the laws of 2022, is
     3  amended to read as follows:
     4    (b) "Non-eviction plan". A plan which may not  be  declared  effective
     5  until  written  purchase agreements have been executed and delivered for
     6  at least [fifty-one] twenty-five percent of all dwelling  units  in  the
     7  building  or  group of buildings or development by bona fide tenants who
     8  were in occupancy on the date a letter was issued by the attorney gener-
     9  al accepting the plan for filing and written consent have been  obtained
    10  from the bona fide tenants who were in occupancy of fifty-one percent of
    11  the  dwelling units in the building or group of buildings or development
    12  on the date a letter was issued by the attorney  general  accepting  the
    13  plan  for filing; provided, however, that for a building containing five
    14  or fewer units, and where the sponsor of the offering  plan  offers  the
    15  unit  that  they  or  their  immediate family member has occupied for at
    16  least two years, the plan may not be effective  until  written  purchase
    17  agreements have been executed and delivered for at least fifteen percent
    18  of  all  dwelling  units  in  the  building  subscribed for by bona fide
    19  tenants in occupancy or bona fide purchasers  who  represent  that  they
    20  intend that they or one or more members of their immediate family occupy
    21  the  dwelling  unit when it becomes vacant. The purchase agreement shall
    22  be executed and delivered pursuant to an offering  made  in  good  faith

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07834-01-5
        S. 4910                             2

     1  without  fraud and discriminatory repurchase agreements or other discri-
     2  minatory inducements.
     3    § 2. Clause 1 of subparagraph (i) of paragraph (c) of subdivision 2 of
     4  section  352-eeee of the general business law, as amended by chapter 696
     5  of the laws of 2022, is amended to read as follows:
     6    (1) Subject to the provisions of clause two of this subparagraph,  the
     7  plan  may  not  be  declared effective until written purchase agreements
     8  have been executed and delivered for at  least  [fifty-one]  twenty-five
     9  percent  of  all dwelling units in the building or group of buildings or
    10  development subscribed for by bona fide tenants in occupancy on the date
    11  a letter was issued by the  attorney  general  accepting  the  plan  for
    12  filing and written consent have been obtained from the bona fide tenants
    13  who  were in occupancy of fifty-one percent of the dwelling units in the
    14  building or group of buildings or development on the date a  letter  was
    15  issued  by  the attorney general accepting the plan for filing for which
    16  purchase agreement shall be executed and delivered pursuant to an offer-
    17  ing made without discriminatory repurchase agreements or other discrimi-
    18  natory inducements.
    19    § 3. This act shall take effect immediately.