A bill that would protect co-op shareholders from specific provisions laid down in a 2019 law recently passed in the state Legislature.
Sponsored by Senator John Liu and Assemblyman Edward Braunstein, the bill (S5105C/A350C) ensures vital protections for cooperative tenant-shareholders and makes clarifications to the law as sought by cooperative corporations. Under the law, co-op tenant-shareholders are not subject to some provisions of the Housing Stability and Tenant Protection Act, which extended protections for renters in traditional landlord-tenant relationships.
“Our community in northeast Queens has a large concentration of affordable cooperative housing, and this bill will ensure this form of homeownership remains within reach. Co-ops will no longer need to fear unintended consequences of the HSTPA, and those tenants in traditional landlord-tenant relationships can rest assured that the HSTPA reforms meant for renters remain fully in effect,” Liu said.
