BILL NUMBER: S1745
SPONSOR: STAVISKY
 
TITLE OF BILL:
An act to amend the real property law, in relation to the treatment of
cooperative housing entities
 
PURPOSE:
Excludes tenant-shareholders in cooperative housing corporations and
cooperative entities from certain housing provisions
 
SUMMARY OF PROVISIONS:
Section 1 creates a new section, 220-A, of the real property law
Section 2 sets forth the effective date
 
JUSTIFICATION:
Cooperatives make up a significant part of New York City's housing stock
and are a unique form of homeownership in which purchasers buy shares in
an apartment corporation. As such, co-op owners are often referred to as
"tenant-shareholders," and cooperative buildings are unique from
rentals. Therefore, they cannot be compared to the traditional land-
lord-tenant relationship laid out in New York State housing law. To
prevent this confusion, the bill would establish that distinction by
carving out co-op tenant-shareholders and cooperative entities from
"tenant", and "landlord" language, respectively, in the housing law.
 
LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS:
 
EFFECTIVE DATE:
This act shall take effect immediately.