The rules have changed for the conversion of New York rental buildings into condominiums.
Tenants who opt not to purchase their units cannot be evicted in connection with the conversion. Conversion plans must be approved by 51% of current tenants. This change will impact the decision to covert, lending, and the ability of landlords to meet their tax obligations.
Governor Andrew Cuomo signed the new regulations into effect this month, mostly as a means to protect renters’ rights against corporate realty giants.
Habitat Magazine. Are Co-op and Condo Conversions a Thing of the Past?(June 2019.) Retrieved from https://www.habitatmag.com/Publication-Content/Co-op-Condo-Buyers/2019/2019-June/Death-of-Conversions