New York S01354 amends laws to facilitate the conversion of residential rental buildings to condominiums while preserving affordable housing units.

New York S01354 amends the general business law and real property law to allow for the conversion of residential rental buildings to condominiums, provided that property owners commit to preserving affordable housing units. The bill defines terms such as "preservation plan," "income-restricted rental unit," and "extended affordability term." It mandates that tenants in occupancy have the exclusive right to purchase their units for 90 days after the plan is accepted by the attorney general.

New York S01354 amends laws to facilitate the conversion of residential rental buildings to condominiums while preserving affordable housing units.

New York S01354 amends the general business law and real property law to allow for the conversion of residential rental buildings to condominiums, provided that property owners commit to preserving affordable housing units. The bill defines terms such as "preservation plan," "income-restricted rental unit," and "extended affordability term." It mandates that tenants in occupancy have the exclusive right to purchase their units for 90 days after the plan is accepted by the attorney general.