Bill > S01354

This bill establishes a comprehensive framework for converting certain residential rental buildings in New York City to condominium ownership while preserving affordable housing. The bill creates a detailed "preservation plan" process that allows property owners to convert rental buildings to condominiums, with specific protections for existing tenants, particularly those in income-restricted units. Key provisions include requiring the creation of a reserve fund and dedicated capital fund, ensuring that a portion of the building's units remain affordable in perpetuity, and providing strong tenant protections. The bill defines numerous terms and establishes requirements for how conversions can occur, including giving existing tenants first rights to purchase their units, protecting senior citizens and disabled tenants from eviction, and mandating that income-restricted units remain subject to rent stabilization. The goal is to provide homeownership opportunities while maintaining affordable housing stock, with oversight from housing finance agencies and the New York Attorney General. The legislation is time-limited, with provisions set to expire four years after enactment, and is specifically designed for buildings with 100 or more units built after 1996 that meet certain affordable housing criteria.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S1354