Bill > S07825

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. Key provisions include: 1. Defining key terms like "residential ground lease cooperative apartment building," "ground lease residential cooperative," and "subject residential cooperative ground lease." 2. Limiting annual increases in base rent to the greater of 3% or the percentage change in the consumer price index after the 30th anniversary of the initial ground lease. 3. Providing residential ground lease cooperatives the right to renew their leases on the same terms, subject to certain exceptions, for up to 30 years. 4. Restricting ground lease owners from unreasonably withholding consent for the cooperative to incur debt for repairs or capital improvements. 5. Granting residential ground lease cooperatives a right of first refusal to purchase the ground lease property if the owner proposes to sell or transfer their interest, with procedures established by the commissioner. The bill applies to existing leases and any renewals, amendments, or extensions thereof.

Justice

https://www.nysenate.gov/legislation/bills/2023/S7825