New Bills Seek Speed and Transparency in Co-op Purchases

For the past several years, legislators in New York City and Albany have proposed bills to speed up the purchase of cooperative apartments and rid the process of discrimination. This year, as in year’s past, co-op advocates are pushing back against the bills, which would set limits on how long boards have to deem an application complete, and then how long they have to accept or reject the complete application. Some of the bills go the extra step of requiring boards to give a reason for rejecting a purchase – which they are not now required to do. Several sponsors have stated that they proposed the bills as a way of ending discrimination by boards.

The opposition to the bills by co-op advocates is summed up by Mary Ann Rothman, executive director of the Council of New York Cooperatives and Condominiums. “There are thousands of cooperatives functioning very nicely,” she says. “It seems grossly unfair for the legislature or real estate brokers selling apartments to interfere.” (The New York State Association of Realtors is a major backer of the legislation.)

This year, there are so many bills on the table that you need a scorecard to keep them straight. We have one for you:

New York State Senate Bill 2540

http://bit.ly/Bill2540

Sponsored by Senator Kemp Hannon (R – 6th District)

Requires co-ops to act on applications to purchase within 45 days.

NY State Senate Bill 4551

http://bit.ly/Bill4551

Sponsored by Senator James Sanders Jr. (D – 10th District)

Requires co-ops to provide a written reason when rejecting a purchase application.

NY State Assembly Bill 03813

http://bit.ly/Bill03813

Sponsored by Assemblyman N. Nick Perry (D – 38th District)

Requires co-ops to act on applications to purchase within 45 days.

NY City Council Int. 1467

http://bit.ly/Int1467

Sponsored by Councilmembers Jumaane D. Williams (D – Dist. 45) and Brad S. Lander (D – Dist. 39)

Requires co-ops to act on applications to purchase within 45 days.

NY City Council Int. 1458

http://bit.ly/Int1458

Sponsored by Councilmembers Brad S. Lander (D- Dist. 39) and Jumaane D. Williams (D – Dist. 45)

Requires co-ops to provide a written reason when rejecting a purchase application.