Committee on Housing and Buildings
TL;DR
The Committee on Housing and Buildings held a hearing on co-op transparency rules to give apartment buyers more information and protection when purchasing in cooperative buildings. Four new laws were introduced that would require co-ops to disclose financial information to buyers, establish timelines for approval decisions, and increase overall transparency in the co-op sales process.
Key Decisions
- Oversight hearing on co-op transparency practices Hearing held
- Local Law - Amendment regarding sales of cooperative apartments Introduced
- Local Law - Requiring co-ops to provide financial information to prospective buyers Introduced
- Local Law - Establishing timelines for co-op approval/denial decisions Introduced
Agenda
- T2025-4338 Oversight - Co-Op Transparency.Oversight
- Int 0407-2024 A Local Law to amend the administrative code of the city of New York, in relation to sales of cooperative apartmentsIntroduction
- Int 0438-2024 A Local Law to amend the administrative code of the city of New York, in relation to requiring cooperative corporations to provide financial information to prospective purchasers of cooperative apartmentsIntroduction
- Int 1120-2024 A Local Law to amend the administrative code of the city of New York, in relation to establishing timelines for cooperative corporations to approve or deny the sale of cooperative apartmentsIntroduction