Enacts the "fairness in cooperative homeownership act"

◆ The sponsor's argument

Why Brian Kavanagh says this is needed

Residential cooperative purchasers and sellers are unusual among single family residential buyers and sellers in that they are subject to having the purchase approved or rejected by a third party, the board of the cooperative corporation. The processes and conditions that cooperative boards impose are sometimes opaque, unpredictable, or prone to long delays, in ways that can be unfair and impose unreasonable burdens on buyers and sellers. This bill would help address these concerns for the benefit of all buyers and sellers. Moreover, the long history of housing discrimination throughout New York, which continues to this day, requires that the State take steps to protect prospective buyers who are members of groups that are routinely subject to such discrimination. There is no reason to believe that the decisions of cooperative boards -- which include the power to either grant or deny people the right to live where they choose - are immune from discriminatory behavior that is otherwise widespread. Because New York strongly opposes all illegal discrimination and promotes fair hous- ing for all, it is essential that the process for selling and purchasing a home in a cooperative dwelling include the safeguards of this bill.

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.