Amends the real estate industry stabilization code to require building owners to prove financial ability to demolish buildings.
This bill amends the administrative code of the city of New York to change the requirements for a building owner to refuse to renew a lease when the building is to be demolished. It requires the owner to prove they have the financial ability to complete the demolition. The owner must establish their intention to demolish the building and construct a new one, obtain a permit for the demolition project, and submit plans for the new construction.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.