Bill > A07031

This bill amends the Private Housing Finance Law to change the voting requirements for board member elections in large mutual housing companies. Specifically, the bill reduces the threshold for electing board members in mutual housing companies with 12,000 or more units, lowering the required majority from a traditional 50% plus one to just 20% plus one. A mutual housing company is typically a form of cooperative housing where residents own shares in the corporation that owns the housing complex. By lowering the voting threshold, the bill makes it easier for board members to be elected with a smaller percentage of shareholder votes, potentially making the election process more accessible and less dependent on achieving a high level of shareholder participation. The change could impact governance dynamics in large housing complexes by allowing board elections to proceed with a smaller proportion of shareholder approval.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A7031