The New York State Senate

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8809
 
                           I N  A S S E M B L Y
 
                             January 12, 2022
                                ___________
 
 Introduced  by  M.  of  A.  EICHENSTEIN -- read once and referred to the
   Committee on Housing
 
 AN ACT to amend the general business law, in relation to the  percentage
   of units to be sold to convert certain real property to cooperative or
   condominium ownership in the city of New York
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (b) of subdivision 1 of section 352-eeee  of  the
 general business law, as amended by section 1 of part N of chapter 36 of
 the laws of 2019, is amended to read as follows:
   (b)  "Non-eviction  plan".  A plan which may not be declared effective
 until written purchase agreements have been executed and  delivered  for
 at  least  fifty-one  percent  of  all dwelling units in the building or
 group of buildings or development by bona fide tenants who were in occu-
 pancy on the date a letter was issued by the attorney general  accepting
 the  plan  for  filing; PROVIDED, HOWEVER, THAT FOR BUILDINGS CONTAINING
 FIVE OR  FEWER  UNITS,  UNTIL  WRITTEN  PURCHASE  AGREEMENTS  HAVE  BEEN
 EXECUTED  AND  DELIVERED  FOR  AT  LEAST FIFTEEN PERCENT OF ALL DWELLING
 UNITS IN THE BUILDING OR GROUP OF BUILDINGS OR  DEVELOPMENTS  SUBSCRIBED
 FOR BY BONA FIDE TENANTS IN OCCUPANCY OR BONA FIDE PURCHASERS WHO REPRE-
 SENT  THAT THEY INTEND THAT THEY OR ONE OR MORE MEMBERS OF THEIR IMMEDI-
 ATE FAMILY OCCUPY THE DWELLING UNIT WHEN IT BECOMES VACANT. The purchase
 agreement shall be executed and delivered pursuant to an  offering  made
 in  good faith without fraud and discriminatory repurchase agreements or
 other discriminatory inducements.
   § 2. Subparagraph (i) of paragraph (c) of  subdivision  2  of  section
 352-eeee  of the general business law, as amended by section 1 of part N
 of chapter 36 of the laws of 2019, is amended to read as follows:
   (i) [The] (1) SUBJECT TO THE PROVISIONS OF SUBPARAGRAPH  TWO  OF  THIS
 PARAGRAPH, THE plan may not be declared effective until written purchase
 agreements  have  been  executed  and  delivered  for at least fifty-one
 percent of all dwelling units in the building or group of  buildings  or
 development subscribed for by bona fide tenants in occupancy on the date
 a  letter  was  issued  by  the  attorney general accepting the plan for
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD13595-01-1
 A. 8809                             2
 
 filing for which purchase agreement  shall  be  executed  and  delivered
 pursuant  to  an  offering made without discriminatory repurchase agree-
 ments or other discriminatory inducements.
   (2)  FOR BUILDINGS CONTAINING FIVE OR FEWER UNITS, THE PLAN MAY NOT BE
 DECLARED EFFECTIVE UNTIL WRITTEN PURCHASE AGREEMENTS HAVE BEEN  EXECUTED
 AND  DELIVERED FOR AT LEAST FIFTEEN PERCENT OF ALL DWELLING UNITS IN THE
 BUILDING OR GROUP OF BUILDINGS OR DEVELOPMENTS SUBSCRIBED  FOR  BY  BONA
 FIDE  TENANTS  IN  OCCUPANCY  OR BONA FIDE PURCHASERS WHO REPRESENT THAT
 THEY INTEND THAT THEY OR ONE OR MORE MEMBERS OF THEIR  IMMEDIATE  FAMILY
 OCCUPY  THE DWELLING UNIT WHEN IT BECOMES VACANT. AS TO TENANTS WHO WERE
 IN OCCUPANCY ON THE DATE A LETTER WAS ISSUED  BY  THE  ATTORNEY  GENERAL
 ACCEPTING  THE PLAN FILING, THE PURCHASE AGREEMENT SHALL BE EXECUTED AND
 DELIVERED PURSUANT TO AN OFFERING MADE WITHOUT DISCRIMINATORY REPURCHASE
 AGREEMENTS OR OTHER DISCRIMINATORY INDUCEMENTS.
   § 3. This act shall take effect on the ninetieth day  after  it  shall
 have become a law. Effective immediately, the addition, amendment and/or
 repeal  of  any  rule  or regulation necessary for the implementation of
 this act on its effective date are authorized to be made  and  completed
 on or before such date.

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8809--A
                                                         Cal. No. 448
 
                           I N  A S S E M B L Y
 
                             January 12, 2022
                                ___________
 
 Introduced  by  M.  of  A.  EICHENSTEIN -- read once and referred to the
   Committee on Housing -- reported from committee, advanced to  a  third
   reading,  amended  and  ordered  reprinted, retaining its place on the
   order of third reading
 
 AN ACT to amend the general business law, in relation to the  percentage
   of units to be sold to convert certain real property to cooperative or
   condominium ownership in the city of New York
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (b) of subdivision 1 of section 352-eeee  of  the
 general business law, as amended by section 1 of part N of chapter 36 of
 the laws of 2019, is amended to read as follows:
   (b)  "Non-eviction  plan".  A plan which may not be declared effective
 until written purchase agreements have been executed and  delivered  for
 at  least  fifty-one  percent  of  all dwelling units in the building or
 group of buildings or development by bona fide tenants who were in occu-
 pancy on the date a letter was issued by the attorney general  accepting
 the  plan  for filing; PROVIDED, HOWEVER, THAT FOR A BUILDING CONTAINING
 FIVE OR FEWER UNITS, AND WHERE THE SPONSOR OF THE OFFERING  PLAN  OFFERS
 THE  UNIT THAT THEY OR THEIR IMMEDIATE FAMILY MEMBER HAS OCCUPIED FOR AT
 LEAST TWO YEARS, THE PLAN MAY NOT BE EFFECTIVE  UNTIL  WRITTEN  PURCHASE
 AGREEMENTS HAVE BEEN EXECUTED AND DELIVERED FOR AT LEAST FIFTEEN PERCENT
 OF  ALL  DWELLING  UNITS  IN  THE  BUILDING  SUBSCRIBED FOR BY BONA FIDE
 TENANTS IN OCCUPANCY OR BONA FIDE PURCHASERS  WHO  REPRESENT  THAT  THEY
 INTEND THAT THEY OR ONE OR MORE MEMBERS OF THEIR IMMEDIATE FAMILY OCCUPY
 THE  DWELLING  UNIT WHEN IT BECOMES VACANT. The purchase agreement shall
 be executed and delivered pursuant to an offering  made  in  good  faith
 without  fraud and discriminatory repurchase agreements or other discri-
 minatory inducements.
   § 2. Subparagraph (i) of paragraph (c) of  subdivision  2  of  section
 352-eeee  of the general business law, as amended by section 1 of part N
 of chapter 36 of the laws of 2019, is amended to read as follows:
   (i) [The] (1) SUBJECT TO THE PROVISIONS OF SUBPARAGRAPH  TWO  OF  THIS
 PARAGRAPH, THE plan may not be declared effective until written purchase
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD13595-03-2
 A. 8809--A                          2
 
 agreements  have  been  executed  and  delivered  for at least fifty-one
 percent of all dwelling units in the building or group of  buildings  or
 development subscribed for by bona fide tenants in occupancy on the date
 a  letter  was  issued  by  the  attorney general accepting the plan for
 filing for which purchase agreement  shall  be  executed  and  delivered
 pursuant  to  an  offering made without discriminatory repurchase agree-
 ments or other discriminatory inducements.
   (2) FOR BUILDINGS CONTAINING FIVE OR FEWER UNITS, THE PLAN MAY NOT  BE
 DECLARED  EFFECTIVE UNTIL WRITTEN PURCHASE AGREEMENTS HAVE BEEN EXECUTED
 AND DELIVERED FOR AT LEAST FIFTEEN PERCENT OF ALL DWELLING UNITS IN  THE
 BUILDING  SUBSCRIBED  FOR BY BONA FIDE TENANTS IN OCCUPANCY OR BONA FIDE
 PURCHASERS WHO REPRESENT THAT THEY INTEND  THAT  THEY  OR  ONE  OR  MORE
 MEMBERS  OF  THEIR  IMMEDIATE  FAMILY  OCCUPY  THE DWELLING UNIT WHEN IT
 BECOMES VACANT, PROVIDED THAT THE SPONSOR OF THE  OFFERING  PLAN  OFFERS
 THE UNIT THAT THEY OR THEIR IMMEDIATE FAMILY MEMBER HAVE OCCUPIED FOR AT
 LEAST  TWO  YEARS.  AS  TO  TENANTS  WHO WERE IN OCCUPANCY ON THE DATE A
 LETTER WAS ISSUED BY THE ATTORNEY GENERAL ACCEPTING THE PLAN FILING, THE
 PURCHASE AGREEMENT SHALL BE EXECUTED AND DELIVERED PURSUANT TO AN OFFER-
 ING MADE WITHOUT DISCRIMINATORY REPURCHASE AGREEMENTS OR OTHER DISCRIMI-
 NATORY INDUCEMENTS.
   § 3. This act shall take effect on the ninetieth day  after  it  shall
 have become a law. Effective immediately, the addition, amendment and/or
 repeal  of  any  rule  or regulation necessary for the implementation of
 this act on its effective date are authorized to be made  and  completed
 on or before such date.