New York A00802 initiates a four-year moratorium on privatization voting by Mitchell-Lama building shareholders following a failed dissolution vote.

New York A00802 amends the private housing finance law to establish a four-year moratorium on privatization voting by Mitchell-Lama building shareholders if a voluntary dissolution vote fails. This moratorium aims to provide stability and prevent immediate subsequent votes that could disrupt the housing cooperative. Local governments may enact regulations not less restrictive than those in this subdivision. The act takes effect 90 days after becoming law.

New York A00802 initiates a four-year moratorium on privatization voting by Mitchell-Lama building shareholders following a failed dissolution vote.

New York A00802 amends the private housing finance law to establish a four-year moratorium on privatization voting by Mitchell-Lama building shareholders if a voluntary dissolution vote fails. This moratorium aims to provide stability and prevent immediate subsequent votes that could disrupt the housing cooperative. Local governments may enact regulations not less restrictive than those in this subdivision. The act takes effect 90 days after becoming law.