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We are pleased to announce that our founding partner, Geoffrey Mazel, has authored a feature article in the Queens Bar Bulletin. This insightful piece delves into significant legislative developments affecting cooperative housing corporations (co-ops) in New York State, particularly focusing on the introduction of a permanent Co-op Carve-Out in future landlord-tenant legislation.
CLICK HERE FOR THE ARTICLE
The article examines the unique ownership structure of co-ops, where residents are both shareholders and occupants and how this dual role has historically led to co-ops being inadvertently affected by broad landlord-tenant laws.
It discusses past instances, such as the Housing Stability and Tenant Protection Act (HSTPA) of 2019, where expansive legislative language unintentionally encompassed co-ops, resulting in operational challenges. The article provides an in-depth analysis of the current legislative proposal aiming to proactively exclude co-ops from future laws intended for traditional rental arrangements unless explicitly stated otherwise. Mr. Mazel outlines the potential benefits of enacting this permanent carve-out, including legal certainty, financial protection, and the preservation of autonomy for co-op boards and shareholders.
We encourage all clients to read this comprehensive article to gain a deeper understanding of these pivotal legislative developments and their potential impact on the co-op community.
Should you have any questions or require further clarification on how these legislative changes may affect your co-op, please do not hesitate to contact our office.
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