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We are pleased to announce that our member, Geoffrey Mazel, Esq. has authored an article that was published in the December/January edition of “This is Queensborough”. The article gives a detailed outline of the aptly named “Co-op Rescue Act”, or New York City Council Intro 1197. As we have been discussing since its introduction in September 2023, Intro 1197 is carefully drafted to help the most vulnerable Co-op homeowners from the devastating financial effects of the Climate Mobilization Act (Local Law 97).
This bill has been enthusiastically received by NY City Council members and has 21 sponsors to date and several other members have pledged that they will sponsor this legislation. The support has been bi-partisan from both Democratic, Republican, Moderate, Conservative, and Progressive Council members. That is a testament to the fairness and reasonableness of this legislation.
ARTICLE HERE
In addition, since Intro 1197 was introduced there has been a groundswell of grassroots activity amongst Co-op homeowners, including thousands attending Town Hall meetings in their neighborhoods. Intro 1197 will be re-introduced in the very near future in the new term of the New York City Council and we will keep you posted as to its progress.
If you have any questions about this matter or any other matter please contact us at your earliest convenience.
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