Bill > A03057

This bill amends the General Business Law to prohibit the rental of unsold condominium or cooperative dwelling units upon vacancy, unless the original offering plan allowed for such rentals and a majority of the members of the condominium or cooperative agree to it. The bill generally requires the sale of these unsold units. If the conditions for rental are not met, the unit may be rented for up to one year, after which the rental prohibition applies again. The bill provides exceptions for units purchased for personal or immediate family use, and for units owned by the cooperative or condominium association.