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NY City Council Member Marjorie Velazquez has introduced legislation relative to the timing of the sales of cooperative apartments. LINK TO BILL(LS 8376) Another bill was introduced by Public Advocate Jumaane Williams in February 2023 (Intro 914). LINK TO BILL.
Although the desired effect of each bill is to get Co-ops to respond to purchase applications in a timely fashion, the penalties and time frameworks are completely different. The Williams bill imposes severe civil penalties for non-compliance, while the Velazquez bill calls for automatic approval of the purchase for non-compliance.
A side by side comparison link is here.
Although there is no way to discern whether either of these bills will pass this year, it is important to understand the extreme nature of the Williams bill and how it would impact the processing of applications and the tremendous liability associated with it.
The Velazquez bill takes a far more reasonable approach and seems designed to reduce a perceived problem of the length of time Co-op Boards take in processing applications.
Please let us know if you have any questions regarding this matter or your Board.
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