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 both outside applicants and other non-qualifying residents wishing to move to a lower floor. Importantly, the bill stipulates that these new requirements will not override 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. This provision aims to ensure that eligible residents are aware of their rights under the new law. The bill is set to take effect immediately upon passage.