Provides for the conversion of condominium ownership for the preservation of expiring affordable housing in the city of New York

Latest action Jan 7, 2026

Relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York; provides expanded homeownership opportunities from the conversion of certain residential rental buildings to condominium status by property owners that commit to preserve the inventory of expiring affordable housing in the city of New York.

Not chosen yet

Where it stands

Out of committee and scheduled for a vote by the full chamber.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

New York State Senate

Amends the General Business Law.

Committee

Housing · New York State Assembly

Also referred to Housing, Construction And Community Development · New York State Senate.

Purpose, from the sponsor's memo

This legislation aims to provide expanded homeownership opportunities and affordable housing preservation for a small subset of mixed-income rental buildings that have either expiring affordable units or existing permanently affordable units that could be increased in number. The scope of the legislation is limited to New York City. Certain mixed-income rental buildings constructed in the 1990s relied on incentives such as low-income housing tax credits, bonds, and tax abate- ments to get built. The affordability restrictions required by these incentives are nearing expiration. As a result, many building owners will be able to command market rate rents on formerly affordable apart- ments, and the low-income families within those apartments could face an uncertain future. In other cases, developers have availed themselves to zoning bonuses under inclusionary housing laws and have agreed to set aside affordable units as permanently affordable. However, many of these units lack a steady stream of income, and therefore units could be at risk of falling into distress without an infusion of capital to meet future capital needs. This bill would allow market-rate owners of a limited class of mixed-income rental buildings to convert the existing market-rate units to condominium status in exchange for agreeing to either preserve expiring units, or in the case of permanently affordable units, to expand the number of such units within the existing building. The primary incentive provided to such building owners is a reduction of the threshold required to declare the offering plan effective, which would be reduced from the current standard of 51% of tenants in occupan- cy to 15% of bona fide purchasers. SHORT SUMMARY: Relates to the conversion to condominium ownership for the preservation and stewardship of expiring or permanently affordable housing in the city of New York; provides expanded homeownership opportunities from the conversion of market-rate rental housing to condominium status by prop- erty owners that commit to the stewardship and preservation of the inventory of expiring or permanently affordable housing in the city of New York; requires the establishment of a reserve fund for building-wide improvements and a dedicated capital fund for the upkeep, maintenance and repair of affordable units; increases filing fees on certain filings to the Real Estate Finance Bureau to cover additional costs for the office of the Attorney General.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

Vote: Committee vote · Housing, Construction And Community Development
Senate Housing, Construction And Community DevelopmentMar 10, 2025Result: passed
(10) (1) (0) (0)

The sponsor's argument

Why Cordell Cleare says this is needed

This bill promotes homeownership opportunities in New York City while providing for the stewardship and preservation of an inventory of affordable housing otherwise at risk of loss or deterioration in the open market. This legislation will provide permanent stewardship and financial support to participating non-profits while extending or expanding affordable housing so that generations of today's tenants as well as future tenants of these units - may experience a measure of financial security in their homes.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Full history

Jan 7, 2026
Referred to committee
REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
NY Senate
Dec 8, 2025
Enacting Clause Stricken
ENACTING CLAUSE STRICKEN
NY Assembly
Mar 10, 2025
Reported out of committee
REPORTED AND COMMITTED TO FINANCE
NY Senate
Feb 10, 2025
Referred to committee
REFERRED TO HOUSING
NY Assembly
Jan 9, 2025
Referred to committee
REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
NY Senate

About this record

Summary: The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.
Cosponsors: The list shows the cosponsors who are on Agora, A to Z. The official record may list more.
Party colors: Parties are shown in the same neutral colors.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Nov 1, 2026. About our data

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.

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