Bill > S02433

This bill establishes comprehensive rights and protections for residential cooperative apartment buildings on ground leases when those leases are set to expire. Specifically, the bill requires ground lease residential cooperatives to initiate dissolution proceedings within ten days of lease expiration and ensures that current residents will be treated as tenants who are offered rental leases under existing tenant protection laws. The bill also gives ground lease residential cooperatives the right to purchase the ground lease property if the ground lease owner decides to sell, providing them with a 120-day window to match any bona fide offer received by the owner, with some exceptions for financing and government actions. Additionally, the bill mandates that upon deconversion from a cooperative to rental status, the initial rent for tenants will be calculated based on the most recent legal regulated rent, adjusted by lawful annual guideline increases. The legislation aims to protect residents' housing stability and provide cooperative residents with more control and opportunities when their ground lease is approaching expiration, ensuring they have meaningful options and are not summarily displaced.

Housing and Urban Affairs, Justice

https://www.nysenate.gov/legislation/bills/2025/S2433