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Urge the NYS Legislature to exempt Co-Ops from Part M of the rent reform laws

The Building & Realty Institute of Westchester and the Mid-Hudson Region

The Housing Stability and Tenant Protection Act of 2019 (the “HSTPA”), affects cooperative apartment corporations (“Co-Ops”) because Part M refers to “all leases” in New York State, which could include proprietary leases and subleases in Co-ops

The HSTPA affects how we handle applications, credit checks, and defaults, and limits the amount of escrow we may collect from marginal applicants. Part M will have a materially adverse impact on the ability of Co-ops to function efficiently, increase the costs of operations, decrease fee income that will adversely affect operating budgets, and reduce the quality of life for the residents.

The Cooperative and Condominium Advisory Council (CCAC) of The Building and Realty Institute (BRI) is joining in the efforts of groups similar to the CCAC  with the goal of amending Part M of The Housing Stability and Tenant Protection Act (“HSTPA”) to eliminate Co-ops from the HSTPA with a simple sentence that provides that Part M is inapplicable to Co-ops.

Use our online tool to email your member of the NYS Assembly and Senate, and encourage other co-op shareholders you know to participate!

Urge the NYS Legislature to exempt Co-Ops from Part M of the rent reform laws

The Building & Realty Institute of Westchester and the Mid-Hudson Region

The Housing Stability and Tenant Protection Act of 2019 (the “HSTPA”), affects cooperative apartment corporations (“Co-Ops”) because Part M refers to “all leases” in New York State, which could include proprietary leases and subleases in Co-ops

The HSTPA affects how we handle applications, credit checks, and defaults, and limits the amount of escrow we may collect from marginal applicants. Part M will have a materially adverse impact on the ability of Co-ops to function efficiently, increase the costs of operations, decrease fee income that will adversely affect operating budgets, and reduce the quality of life for the residents.

The Cooperative and Condominium Advisory Council (CCAC) of The Building and Realty Institute (BRI) is joining in the efforts of groups similar to the CCAC  with the goal of amending Part M of The Housing Stability and Tenant Protection Act (“HSTPA”) to eliminate Co-ops from the HSTPA with a simple sentence that provides that Part M is inapplicable to Co-ops.

Use our online tool to email your member of the NYS Assembly and Senate, and encourage other co-op shareholders you know to participate!