Bill > A01867

This bill modifies the administrative code of New York City regarding lease renewal requirements for building owners who intend to demolish a property. Specifically, the bill updates the conditions under which a building owner can refuse to renew a lease when planning to demolish a building. The new requirements mandate that the owner must prove three key things to the Division of Housing and Community Renewal: (1) they have a good faith intention to demolish the existing building and construct a new one, (2) they have obtained a demolition permit from the Department of Buildings and submitted construction plans for approval, and (3) they have sufficient financial resources to complete both the demolition and new construction. These changes aim to provide more stringent oversight and protection for tenants by ensuring that building owners have legitimate and financially viable plans before terminating leases. The bill will take effect immediately but includes a provision that limits the amendments' duration to align with the existing section's expiration date.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A1867