Bill > S00107

This bill establishes comprehensive legal provisions for protecting tenants' rights in assisted rental housing during potential property conversions. The bill creates a detailed framework that gives tenant associations or qualified entities the first opportunity to purchase their housing property when an owner intends to convert or sell the property. Key provisions include requiring owners to provide at least 12 months' notice before conversion, with detailed information about the property and potential sale, and establishing a right of first refusal and first opportunity to purchase for tenants. The bill defines "assisted rental housing" broadly, covering properties with federal, state, or city income eligibility restrictions, and creates an appraisal process where an advisory panel determines the property's value. Tenants or their designated qualified entities have specific timeframes to express interest in purchasing the property, typically 60 days to indicate intent and 120 days to submit a purchase offer. If tenants purchase the property, they are obligated to maintain its affordability. The bill also includes penalties for owners who violate these provisions, including potential civil penalties of up to $5,000 per month per dwelling unit. Additionally, the legislation ensures tenant protections during conversion, such as allowing current tenants to remain in their units for at least six months after conversion. The bill aims to preserve affordable housing and provide tenants with meaningful opportunities to maintain their housing stability.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S107