Bill > A04954

This bill provides 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 process for property owners to convert rental properties to condominiums, with significant protections for existing tenants, particularly those in income-restricted units. Key provisions include requiring property owners to establish a reserve fund and a dedicated capital fund, ensuring that a portion of the property maintains affordable housing units in perpetuity, and providing strong tenant protections. Specifically, the bill mandates that income-restricted units remain affordable, prohibits eviction of non-purchasing tenants, and requires that tenants of affordable units continue to have access to building amenities. The conversion process involves submitting a preservation plan to the Attorney General, giving current tenants the first opportunity to purchase their units, and ensuring that a significant portion of non-affordable units are sold within five years. The bill applies to buildings with 100 or more units built after 1996 and includes detailed definitions and requirements to protect both property owners and tenants during the conversion process. The legislation is designed to expand homeownership opportunities while maintaining affordable housing stock in New York City.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A4954