New York S 1354: Provides for the conversion of condominium ownership for the preservation of expiring affordable housing in the city of New York

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S01354 Summary:

BILL NOS01354 

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SAME ASNo Same As

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SPONSORCLEARE

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COSPNSRBAILEY, COONEY, FAHY, FERNANDEZ, GOUNARDES, HOYLMAN-SIGAL, JACKSON, KRUEGER, MAY, MYRIE, RYAN C,
 SALAZAR, SCARCELLA-SPANTON, SKOUFIS, STAVISKY

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MLTSPNSR

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Add §352-eeeee, amd §§352-e & 352-eeee, Gen Bus L; amd §339-e, add §339-mm, RP L

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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.

Go to top S01354 Actions:

BILL NOS01354 

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01/09/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

03/10/2025REPORTED AND COMMITTED TO FINANCE

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

Go to topS01354 Committee&nbspVotes:

Go to topS01354 Floor&nbspVotes:

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

Go to topS01354 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1354

 2025-2026 Regular Sessions

 IN SENATE

 January 9, 2025
 ___________

 Introduced by Sens. CLEARE, GOUNARDES, HOYLMAN-SIGAL, JACKSON, KRUEGER,
 MYRIE -- 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 and the real property law, in
 relation to providing expanded homeownership opportunities from the
 conversion of certain residential rental buildings to condominium
 status by property owners that commit to the stewardship of permanent-
 ly affordable units and the preservation of expiring affordable hous-
 ing inventory in the city of New York; and providing for the repeal of
 such provisions upon expiration thereof

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

 1 Section 1. The general business law is amended by adding a new section
 2 352-eeeee to read as follows:
 3 § 352-eeeee. Conversions to condominium ownership for the preservation
 4 of expiring affordable housing in the city of New York. 1. As used in
 5 this section, the following words and terms shall have the following
 6 meanings:
 7 (a) "Annual update amendment". An annual update amendment is an amend-
 8 ment to the preservation plan that shall be submitted to the attorney
 9 general every year that a dwelling unit is unsold, with the first such
 10 annual update amendment due within forty-five days of the anniversary of
 11 the acceptance of the post-closing amendment to the preservation plan.
 12 An annual update amendment shall supply the evidence, data and informa-
 13 tion required in this section, and such other information as the attor-
 14 ney general's regulations shall require, so that the attorney general is
 15 satisfied that the preservation plan as amended discloses the informa-
 16 tion necessary for a reasonable investor to make their purchase decision
 17 and that the preservation plan is otherwise complete, current and accu-
 18 rate.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04052-01-5

 S. 1354 2

 1 (b) "Bona fide purchaser". A bona fide purchaser is either (i) a
 2 tenant in occupancy who enters into a purchase agreement for a dwelling
 3 unit pursuant to their or its exercise of one of the rights accorded to
 4 tenants in occupancy in subdivision five of this section, or (ii) a bona
 5 fide non-tenant purchaser.
 6 (c) "Bona fide non-tenant purchaser". A bona fide non-tenant purchaser
 7 is a purchaser of a dwelling unit who has represented that they or a
 8 member or members of their immediate family intend to occupy the dwell-
 9 ing unit when it becomes vacant.
 10 (d) "Commercially reasonable good faith effort". A commercially
 11 reasonable good faith effort on the part of an offeror of a preservation
 12 plan shall, at minimum, include (i) the filing of an annual update
 13 amendment to the preservation plan; (ii) all of the condominium's dwell-
 14 ing units other than any income-restricted rental un