Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to housing |
Jan 09, 2023 |
referred to housing |
Assembly Bill A583
2023-2024 Legislative Session
Sponsored By
ROSENTHAL L
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
Actions
co-Sponsors
Michael Benedetto
Vivian Cook
multi-Sponsors
Deborah Glick
2023-A583 (ACTIVE) - Details
2023-A583 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 583 2023-2024 Regular Sessions I N A S S E M B L Y January 9, 2023 ___________ Introduced by M. of A. L. ROSENTHAL, BENEDETTO, COOK -- Multi-Sponsored by -- M. of A. GLICK -- read once and referred to the Committee on Housing AN ACT to amend the private housing finance law, in relation to mutual companies in a city with a population of one million or more THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 35 of the private housing finance law is amended by adding a new subdivision 5 to read as follows: 5. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF THIS ARTICLE OR OF ANY OTHER PROVISION OF GENERAL, SPECIAL OR LOCAL LAW, A MUTUAL COMPANY THAT OPERATES A PROJECT IN A CITY WITH A POPULATION OF ONE MILLION OR MORE, MUST, AT LEAST NINETY DAYS BEFORE THE DATE OF ITS DISSOLUTION OR RECONSTITUTION PURSUANT TO THIS SECTION, MAKE AN OFFER TO ALL OF ITS SHAREHOLDERS TO REPURCHASE THEIR SHARES IN SUCH MUTUAL COMPANY. A SHARE- HOLDER WHO ELECTS TO SELL HIS OR HER SHARES BACK TO SUCH MUTUAL COMPANY SHALL BE OFFERED A ONE-YEAR OR A TWO-YEAR LEASE FOR HIS OR HER DWELLING UNIT TO COMMENCE UPON THE DATE OF SUCH DISSOLUTION OR RECONSTITUTION, AND SUCH DWELLING UNIT SHALL BE FULLY SUBJECT TO THE PROVISIONS OF THE RENT STABILIZATION LAW OF NINETEEN HUNDRED SIXTY-NINE AND THE EMERGENCY TENANT PROTECTION ACT OF NINETEEN SEVENTY-FOUR. THE INITIAL LEGAL REGU- LATED RENT FOR ANY SUCH DWELLING UNIT FOLLOWING THE DISSOLUTION DATE SHALL BE THE LAST CARRYING CHARGES AUTHORIZED FOR SUCH DWELLING UNIT BEFORE THE DISSOLUTION DATE, INCLUDING SURCHARGES, IF ANY, AND SHALL NOT BE SUBJECT TO ADJUSTMENT PURSUANT TO SUBDIVISION A OF SECTION 26-513 OF THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK. ANY SUCH DWELLING UNIT WHICH IS SUBJECT TO RENT REGULATION SOLELY BY VIRTUE OF THIS SUBDIVISION SHALL BE DECONTROLLED UPON THE FIRST VACANCY THEREOF. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00872-01-3
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