Senate Bill S7825A

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 Senate Committee Rules 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-S7825 - Details

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

2023-S7825 - Summary

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

2023-S7825 - Sponsor Memo

2023-S7825 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7825
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             December 20, 2023
                                ___________
 
 Introduced  by  Sen. KRUEGER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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
 RESIDENTIAL COOPERATIVE LEASES, OCCUPIES AND/OR OTHERWISE USES FOR RESI-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02744-04-3
              

co-Sponsors

2023-S7825A (ACTIVE) - Details

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

2023-S7825A (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-S7825A (ACTIVE) - Sponsor Memo

2023-S7825A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7825--A
     Cal. No. 719
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             December 20, 2023
                                ___________
 
 Introduced by Sens. KRUEGER, CLEARE, GONZALEZ, GOUNARDES, HOYLMAN-SIGAL,
   JACKSON, LIU, MAYER, MYRIE, RAMOS, RIVERA, SCARCELLA-SPANTON, SEPULVE-
   DA, STAVISKY -- read twice and ordered printed, and when printed to be
   committed to the Committee on Rules -- recommitted to the Committee on
   Judiciary in accordance with Senate Rule 6, sec. 8 -- reported favora-
   bly  from  said committee, ordered to first and second report, ordered
   to a third reading, amended and ordered reprinted, retaining its place
   in the order of third reading
 
 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,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02744-05-4
              

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