Sep 3, 2010

Recent Legislation on Short-Term Leasing and Powers of Attorney

Power of Attorney Paperwork

Two newly enacted laws in New York State affect cooperatives and condominiums:  one prohibits the leasing of apartments for less than 30 days; the second involves the effectiveness of powers of attorney which are often used in cooperative and condominium transactions.   Short-Term Leasing Chapter 225 of the Laws of 2010 prohibits the leasing of apartments in Class A multiple dwellings, which includes virtually all residential cooperatives and condominiums, for time periods of less than 30-days.  This effectively eliminates the use of apartments as hotel rooms, “bed and breakfast” accommodations or other short-term rentals.  There are some exceptions.  Non-family members… Read more