Prohibits rental of unsold condominium or cooperative units unless the original plan allowed it and a majority of members agree.

New York Assembly Bill A03231 amends the general business law to prohibit the rental of unsold condominium or cooperative dwelling units unless the original offering plan allowed such rentals and a majority of the members of the condominium or cooperative agree. It generally requires the sale of such units. If neither condition is met and the unit remains unsold and unoccupied for a year, it must be offered for sale. The bill also mandates that the owner of a rented unit must send a copy of the lease to the board of directors or managers.

Prohibits rental of unsold condominium or cooperative units unless the original plan allowed it and a majority of members agree.

New York Assembly Bill A03231 amends the general business law to prohibit the rental of unsold condominium or cooperative dwelling units unless the original offering plan allowed such rentals and a majority of the members of the condominium or cooperative agree. It generally requires the sale of such units. If neither condition is met and the unit remains unsold and unoccupied for a year, it must be offered for sale. The bill also mandates that the owner of a rented unit must send a copy of the lease to the board of directors or managers.