Assembly Bill A5031A

2023-2024 Legislative Session

Limits the amount of rent increases for residential ground lease cooperative apartment buildings and establishes certain rights upon the expiration of such leases

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Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2023-A5031 - Details

Current Committee:
Assembly Housing
Law Section:
Real Property Law
Laws Affected:
Add §233-c, RP L

2023-A5031 - Summary

Limits the amount of rent increases for residential ground lease cooperative apartment buildings; establishes certain rights upon the expiration of such leases.

2023-A5031 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5031
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 27, 2023
                                ___________
 
 Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred to the
   Committee on Housing
 
 AN ACT to amend the real property  law,  in  relation  to  limiting  the
   amount  of  rent  increases  for  residential ground lease cooperative
   apartment buildings and establishing certain rights upon expiration of
   such leases

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  real property law is amended by adding a new section
 233-c to read as follows:
   § 233-C. RESIDENTIAL GROUND LEASE COOPERATIVE APARTMENT BUILDINGS.  1.
 WHEREVER USED IN THIS SECTION:
   (A) THE TERM "RESIDENTIAL GROUND LEASE COOPERATIVE APARTMENT BUILDING"
 MEANS  ANY  AND  ALL  BUILDINGS,  IMPROVEMENTS  AND/OR  OTHER STRUCTURES
 LOCATED IN THE STATE OF NEW YORK OCCUPIED,  OWNED  AND/OR  LEASED  BY  A
 GROUND  LEASE  RESIDENTIAL  COOPERATIVE  (OR ANY SUBSIDIARY OR AFFILIATE
 THEREOF) PURSUANT TO A SUBJECT RESIDENTIAL COOPERATIVE GROUND LEASE.
   (B) THE TERM "GROUND LEASE RESIDENTIAL COOPERATIVE" MEANS A  NEW  YORK
 CORPORATION  ORGANIZED  AND/OR  OPERATING  AS A HOUSING DEVELOPMENT FUND
 CORPORATION, NEW YORK COOPERATIVE CORPORATION AND/OR COOPERATIVE HOUSING
 CORPORATION, INCLUDING ANY ENTITY MEETING  THE  DEFINITION  THEREOF  FOR
 FEDERAL  INCOME  TAX  PURPOSES,  AND  WHICH  IS,  DIRECTLY OR INDIRECTLY
 THROUGH A SUBSIDIARY OR AFFILIATE THEREOF, A PARTY OR OTHERWISE  SUBJECT
 TO A SUBJECT RESIDENTIAL COOPERATIVE GROUND LEASE.
   (C)  THE TERM "SUBJECT RESIDENTIAL COOPERATIVE GROUND LEASE" MEANS THE
 LEASE AGREEMENT, TOGETHER WITH ANY AMENDMENTS OR  OTHER  RELATED  AGREE-
 MENTS  INCLUDING ANY FORBEARANCE, SETTLEMENT OR OTHER SIMILAR AGREEMENTS
 RELATED THERETO, PURSUANT TO WHICH A GROUND  LEASE  RESIDENTIAL  COOPER-
 ATIVE LEASES, OCCUPIES AND/OR OTHERWISE USES THE GROUND LEASE REAL PROP-
 ERTY FROM ONE OR MORE SUBJECT GROUND LEASE LANDLORDS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02744-01-3
 A. 5031                             2
              

co-Sponsors

multi-Sponsors

2023-A5031A (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Real Property Law
Laws Affected:
Add §233-c, RP L

2023-A5031A (ACTIVE) - Summary

Limits the amount of rent increases for residential ground lease cooperative apartment buildings; establishes certain rights upon the expiration of such leases.

2023-A5031A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5031--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 27, 2023
                                ___________
 
 Introduced by M. of A. L. ROSENTHAL, SIMONE -- read once and referred to
   the  Committee  on  Housing  --  committee  discharged,  bill amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN ACT to amend the real property  law,  in  relation  to  limiting  the
   amount  of  rent  increases  for  residential ground lease cooperative
   apartment buildings and establishing certain rights upon expiration of
   such leases
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  real property law is amended by adding a new section
 233-c to read as follows:
   § 233-C. RESIDENTIAL GROUND LEASE COOPERATIVE APARTMENT BUILDINGS.  1.
 WHEREVER USED IN THIS SECTION:
   (A) THE TERM "RESIDENTIAL GROUND LEASE COOPERATIVE APARTMENT BUILDING"
 MEANS  ANY  AND  ALL  BUILDINGS,  IMPROVEMENTS  AND/OR  OTHER STRUCTURES
 LOCATED IN THE STATE OF NEW YORK OCCUPIED, OWNED AND/OR LEASED IN  WHOLE
 OR  IN PART BY A GROUND LEASE RESIDENTIAL COOPERATIVE, OR ANY SUBSIDIARY
 OR AFFILIATE THEREOF, PURSUANT  TO  A  SUBJECT  RESIDENTIAL  COOPERATIVE
 GROUND LEASE.
   (B) THE TERM "GROUND LEASE RESIDENTIAL COOPERATIVE" MEANS ANY NEW YORK
 CORPORATION  ORGANIZED  AND/OR  OPERATING  AS A HOUSING DEVELOPMENT FUND
 CORPORATION, NEW YORK COOPERATIVE CORPORATION AND/OR COOPERATIVE HOUSING
 CORPORATION, INCLUDING ANY ENTITY MEETING  THE  DEFINITION  THEREOF  FOR
 FEDERAL INCOME TAX PURPOSES, OR ANY PERSON OR ENTITY THAT IS A TENANT IN
 COMMON, CO-TENANT OR JOINT OWNER WITH ANY SUCH CORPORATION, OR WHICH IS,
 DIRECTLY  OR  INDIRECTLY  THROUGH  A  SUBSIDIARY OR AFFILIATE THEREOF, A
 PARTY TO A SUBJECT RESIDENTIAL COOPERATIVE GROUND LEASE.
   (C) THE TERM "SUBJECT RESIDENTIAL COOPERATIVE GROUND LEASE" MEANS  THE
 LEASE  AGREEMENT,  TOGETHER  WITH ANY AMENDMENTS OR OTHER RELATED AGREE-
 MENTS INCLUDING ANY FORBEARANCE, SETTLEMENT, TENANCY IN COMMON OR  OTHER
 SIMILAR  AGREEMENTS  RELATED  THERETO,  PURSUANT TO WHICH A GROUND LEASE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02744-03-3
              

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