Bill Text: NY A00734 | 2019-2020 | General Assembly | Introduced

New York Assembly Bill 734 (Prior Session Legislation)

Introduced

Bill Title: Requires a Mitchell-Lama cooperative seeking to dissolve to offer cooperators who may not be able to afford the increased carrying charges the opportunity to sell.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced - Dead) 2020-01-08 - referred to housing [A00734 Detail]

Download: New_York-2019-A00734-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                           734
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                       (Prefiled)
                                     January 9, 2019
                                       ___________
        Introduced  by  M. of A. L. ROSENTHAL, BENEDETTO, COOK, JAFFEE -- Multi-
          Sponsored by -- M. of A. GLICK, PERRY -- read once and referred to the
          Committee on Housing
        AN ACT to amend the private housing finance law, in relation  to  mutual
          companies in a city with a population of one million or more
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 35 of the private housing finance law is amended by
     2  adding a new subdivision 5 to read as follows:
     3    5. Notwithstanding any inconsistent provision of this  article  or  of
     4  any  other  provision of general, special or local law, a mutual company
     5  that operates a project in a city with a population of  one  million  or
     6  more,  must,  at least ninety days before the date of its dissolution or
     7  reconstitution pursuant to this section, make an offer  to  all  of  its
     8  shareholders to repurchase their shares in such mutual company. A share-
     9  holder  who elects to sell his or her shares back to such mutual company
    10  shall be offered a one-year or a two-year lease for his or her  dwelling
    11  unit  to  commence  upon the date of such dissolution or reconstitution,
    12  and such dwelling unit shall be fully subject to the provisions  of  the
    13  rent  stabilization law of nineteen hundred sixty-nine and the emergency
    14  tenant protection act of nineteen seventy-four. The initial legal  regu-
    15  lated  rent  for  any  such dwelling unit following the dissolution date
    16  shall be the last carrying charges authorized  for  such  dwelling  unit
    17  before the dissolution date, including surcharges, if any, and shall not
    18  be  subject to adjustment pursuant to subdivision a of section 26-513 of
    19  the administrative code of the city of New York. Any such dwelling  unit
    20  which is subject to rent regulation solely by virtue of this subdivision
    21  shall be decontrolled upon the first vacancy thereof.
    22    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04619-01-9