The NYS Legislature overwhelmingly passed legislation (Bill #S8564/A8809B), sponsored by Senator Andrew Gounardes and Assemblyman Simcha Eichenstein, which will make it easier for tenants and apartment dwellers to purchase their homes and will allow small buildings to convert to cooperative or condominium ownership with fewer restrictions.
This new legislation, if signed into law, will permit buildings containing five or fewer units to convert into co-ops or condos when just fifteen percent of the owners or tenants have written agreements to do so.This will have a positive effect on the local real estate market for both small landlords and tenants. A tenant occupying a unit in a three to five family home will now have the option to negotiate the purchase of his own apartment and a landlord can now easily sell single units to buyers.This would also encourage landlords to maintain and improve their apartments in the event that renters will decide to eventually purchase them.
"For millions of New Yorkers, home ownership can often feel like an impossible dream," said Senator Andrew Gounardes. "My bill, S8564, would take a step towards moving that dream of home-ownership within reach for many, by making it easier for renters to purchase their current homes. The complexity of our city's affordable housing crisis will require thoughtful, multi-pronged solutions; legislation like this bill that makes homeownership more accessible must be a crucial part of that conversation.
“The current law posed too many restrictions on apartment dwellers and owners of buildings with five units or less, “said Assemblyman Simcha Eichenstein.“This made it extremely difficult for any such building to convert to a condominium and for individual apartments to be bought or sold.”
This new legislation would encourage home ownership for tenants who could not otherwise afford to purchase an apartment and will allow them to stay in their homes for the long term.
“In my district and elsewhere, this new legislation will create new opportunities for hard working New Yorkers to buy or sell their homes easily,” Assemblyman Eichenstein added. “It’s a win-win for everyone involved.”