Jun 11, 2021

Good News for Cooperatives from the NY Legislature Regarding the Removal of Restrictions on Cooperatives Imposed in 2019

We are pleased to report that legislation (Senate Bill S5105) has passed both houses of the NY State Legislature relieving cooperatives of a number of restrictions that were applied to them along with conventional rental landlords when the Legislature enacted new tenant protection provisions as part of the Housing Stability and Tenant Protection Act of 2019. In particular, the current bill, which is now pending signature by the Governor, would remove or substantially modify the restrictions that had been imposed on cooperatives regarding (i) late charges, (ii) the ability to require security deposits as a condition of the approval of… Read more