Bill > A00989

This bill regulates buyout agreements in rent-controlled apartments by establishing strict guidelines to protect tenants from harassment and ensure transparency. The legislation defines a buyout agreement as an arrangement where a landlord offers money or other valuable consideration to a tenant in exchange for vacating their rent-regulated unit. Key provisions include requiring landlords to provide written buyout offers with specific details, explicitly informing tenants of their right to reject the offer and consult an attorney, and prohibiting harassment tactics such as providing false information or repeatedly contacting tenants after being asked to stop. The bill mandates a 90-day waiting period between presenting and executing a buyout agreement, during which tenants can carefully consider their options. Landlords must electronically report details of executed buyout agreements to the Division of Housing and Community Renewal, including the amount of compensation, property address, and lease details. The legislation also imposes financial penalties for non-compliance, with fines of $500 for failing to report and $1,000 for each violation of the buyout guidelines. Additionally, the commissioner must submit an annual report to the state legislature detailing the number and specifics of buyout agreements across different census tracts. The bill will take effect on July 1, 2026, and aims to provide stronger protections for tenants in rent-regulated housing.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A989