Bill > A02148

This bill prohibits the rental of unsold condominium or cooperative dwelling units upon vacancy unless the original offering plan expressly disclosed the possibility that unsold units might not be sold when they become vacant, or the sponsor or owner of the unsold unit obtains consent from a majority of the condominium or cooperative board members who are not affiliated with the sponsor or owner. If these conditions are not met and the unit remains unsold and unoccupied for one year, it may then be rented for up to one year, after which the restrictions apply again. The bill also requires the owner of a rented unsold unit to provide the cooperative or condominium board with a copy of the lease and contact information. The bill provides certain exemptions, such as for units owned by the cooperative or condominium association or purchased for personal or immediate family use.