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Bill > A05031
NY A05031
NY A05031Limits the amount of rent increases for residential ground lease cooperative apartment buildings; establishes certain rights upon the expiration of such leases.
summary
Introduced
02/27/2023
02/27/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the real property law, in relation to limiting the amount of rent increases for residential ground lease cooperative apartment buildings and establishing certain rights upon expiration of such leases
AI Summary
This bill amends the Real Property Law to limit the amount of rent increases for residential ground lease cooperative apartment buildings and establish certain rights upon the expiration of such leases. The key provisions include: (1) limiting annual increases in base rent and additional rent to the greater of 3% or the consumer price index; (2) giving residential ground lease cooperatives the right to renew their leases on the same terms and conditions; (3) allowing residential ground lease cooperatives to incur debt to pay for repairs, maintenance, or capital improvements; and (4) providing residential ground lease cooperatives with a right of first refusal when the subject ground lease owners propose to sell, assign, or transfer any interest in the ground lease real property.
Committee Categories
Housing and Urban Affairs
Sponsors (34)
Linda Rosenthal (D)*,
Helene Weinstein (D)*,
Khaleel Anderson (D),
Juan Ardila (D),
Sam Berger (D),
Alex Bores (D),
Ed Braunstein (D),
Alec Brook-Krasny (R),
Chris Burdick (D),
Monique Chandler-Waterman (D),
Catalina Cruz (D),
Landon Dais (D),
Maritza Davila (D),
Jeffrey Dinowitz (D),
Harvey Epstein (D),
Emily Gallagher (D),
Deborah Glick (D),
Chantel Jackson (D),
Ron Kim (D),
Zohran Mamdani (D),
Marcela Mitaynes (D),
Amy Paulin (D),
Steven Raga (D),
Karines Reyes (D),
Jonathan Rivera (D),
Nily Rozic (D),
Rebecca Seawright (D),
Maryjane Shimsky (D),
Jo Anne Simon (D),
Tony Simone (D),
Yudelka Tapia (D),
Al Taylor (D),
Fred Thiele (D),
David Weprin (D),
Last Action
referred to housing (on 01/03/2024)
Official Document
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