This bill mandates that owners of multiple dwellings with three or more floors must prioritize senior citizens and individuals with disabilities that limit mobility when they seek to move to a lower-floor unit with the same number of bedrooms. These qualifying residents will have the right of first refusal over other applicants and non-qualifying residents wishing to move to a lower floor. The bill clarifies that these new requirements will not interfere with any existing affordability, targeting, or income restrictions already in place for the multiple dwelling.

Additionally, the bill requires owners or their agents to display a sign in a prominent location that informs residents about the priority status granted to qualifying individuals. Buildings that are held in a cooperative form of ownership are exempt from these requirements. The act is set to take effect immediately upon passage.