Bill > A03231

This bill addresses rental and sales restrictions for unsold dwelling units in cooperative and condominium buildings. When an unsold unit becomes vacant, the bill prohibits its rental unless one of two conditions are met: either the original offering plan explicitly disclosed the possibility of unsold units remaining vacant, or the unit's owner obtains consent from a majority of the board members who are not affiliated with the sponsor. If neither condition is met and the unit remains unsold for one year, it may be rented for up to one year, after which the restrictions are applied again. The bill requires the unit owner to provide the lease and emergency contact information to the building's board upon renting. Some exceptions exist, such as for shareholders who purchased a unit for personal or immediate family use, and for units owned by the cooperative corporation or condominium association. The bill defines an "unsold dwelling unit" as an apartment or unit that was not sold for occupancy by the original purchaser, including units specifically designated as "unsold" by the sponsor. The legislation will take effect immediately and apply to all dwelling units that become vacant on or after its effective date.