New York S 401: Establishes the "tenant opportunity to purchase act"

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S00401 Summary:

BILL NOS00401 

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SAME ASNo Same As

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SPONSORMYRIE

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COSPNSRBAILEY, BRISPORT, BROUK, CLEARE, COMRIE, COONEY, FERNANDEZ, GIANARIS, GONZALEZ, HINCHEY,
 HOYLMAN-SIGAL, JACKSON, MAY, RAMOS, RIVERA, SALAZAR, SANDERS, SEPULVEDA, SERRANO, STAVISKY, WEBB

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MLTSPNSR

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Add Art 7-E §§799 - 799-t, RPAP L

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Establishes the "tenant opportunity to purchase act"; prevents the displacement of middle and lower-income tenants in New York and preserves affordable housing by providing an opportunity for tenants to own or remain renters in the properties in which they reside.

Go to top S00401 Actions:

BILL NOS00401 

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01/08/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

05/28/2025REPORTED AND COMMITTED TO JUDICIARY

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

05/04/2026RECOMMIT, ENACTING CLAUSE STRICKEN

Go to topS00401 Committee&nbspVotes:

Go to topS00401 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS00401 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 401

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. MYRIE, BAILEY, BRISPORT, BROUK, CLEARE, COONEY,
 FERNANDEZ, GIANARIS, GONZALEZ, HINCHEY, HOYLMAN-SIGAL, JACKSON, MAY,
 RAMOS, RIVERA, SALAZAR, SANDERS, SEPULVEDA, SERRANO, WEBB -- 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 real property actions and proceedings law, in
 relation to establishing the tenant opportunity to purchase act

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "tenant opportunity to purchase act".
 3 § 2. The real property actions and proceedings law is amended by
 4 adding a new article 7-E to read as follows:
 5 ARTICLE 7-E
 6 TENANT OPPORTUNITY TO PURCHASE ACT
 7 Section 799. Definitions.
 8 799-a. Authority.
 9 799-b. Applicability.
 10 799-c. Exemptions.
 11 799-d. Right of first refusal.
 12 799-e. Tenant decision-making; tenant organizations.
 13 799-f. Qualified purchasers.
 14 799-g. Supportive partners.
 15 799-h. Assignment of rights.
 16 799-i. Waiver of rights.
 17 799-j. Notice requirements.
 18 799-k. Third-party purchaser rights.
 19 799-l. Right to appraisal.
 20 799-m. Purchase contract negotiation.
 21 799-n. No selling of rights.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01564-01-5

 S. 401 2

 1 799-o. Tenant protections.
 2 799-p. Price stabilization.
 3 799-q. Incentives.
 4 799-r. Enforcement.
 5 799-s. Statutory construction.
 6 799-t. Administration and reports.

 7 § 799. Definitions. For the purposes of this article, the following
 8 terms shall have the following meanings:
 9 1. "AMI" or "area median income" means area median income established
 10 by the U.S. department of housing and urban development (HUD), pursuant
 11 to 42 U.S.C. § 1427 et seq., to establish local income classification
 12 levels.
 13 2. "Appraised value" means the value of the rental housing accommo-
 14 dation as of the date of the appraisal, based on an objective, independ-
 15 ent property valuation, performed according to professional appraisal
 16 industry standards.
 17 3. "Bona fide offer of sale" means an offer of sale for a rental hous-
 18 ing accommodation that is either:
 19 (a) For a price and other material terms at least as favorable to a
 20 tenant, tenant organization, and qualified purchaser as those that the
 21 owner has offered, accepted, or is considering offering or accepting,
 22 from a purchaser in an arm's length third-party purchase contract; or
 23 (b) In the absence of an arm's length third-party purchase contract,
 24 an offer of sale containing a sales price less than or equal to a price
 25 and other material terms comparable to that at which a willing seller
 26 and a willing buyer would sell and purchase the rental housing accommo-
 27 dation, or an appraised value.
 28 4. "CPI" or "consumer price index" means the consumer price index
 29 published by th