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A00389 Summary:

BILL NOA00389
 
SAME ASNo Same As
 
SPONSORRosenthal L
 
COSPNSR
 
MLTSPNSR
 
Amd §35, Priv Hous Fin L
 
Initiates a four year moratorium on privatization voting by Mitchell-Lama building shareholders between failed dissolution votes.
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A00389 Actions:

BILL NOA00389
 
01/09/2023referred to housing
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A00389 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A389
 
SPONSOR: Rosenthal L
  TITLE OF BILL: An act to amend the private housing finance law, in relation to initiat- ing a four-year moratorium on privatization voting by Mitchell-Lama building shareholders   PURPOSE:: This bill institutes a four-year moratorium in between failed voluntary dissolution votes within limited-profit housing companies.   SUMMARY OF SPECIFIC PROVISIONS:: Section one amends section 35 of the private housing finance law by adding a new subdivision 5. Section two sets forth the effective date.   JUSTIFICATION:: Privatization votes in Mitchell-Lama developments can be contentious ordeals, and many tenants have complained of being harassed and intim- idated during the voting period. The damage inflicted by this is compounded when shareholders are subject to repeated dissolution votes within short duration. These additional attempts undertaken without justifiable-change in shareholder composition or situational context only serve to undermine the original decision that the corporation has reached and create relentless year-round pressure, a modest four year moratorium between voluntary dissolution votes would provide an appro- priate respite and lead to a better electoral process and more hospita- ble climate for tenants and shareholders.   LEGISLATIVE HISTORY:: 2021-22: A.542 - Referred to Housing 2019-20: A.1105 - Referred to Housing 2017-18: A.3199 - Referred to Housing; S.2338 - Referred to Housing, Construction and Community Development 2015-16: A.560 - Referred to Housing; S.3590 Referred to Housing, Construction and Community Development 2013-14: A.700 - Referred to Housing; S.1830 Referred to Housing, Construction and Community Development 2011-12: A.1467 - Referred to Housing; S3258 - Referred to Housing, Construction and Community Development 2009-10: A.11156 - Referred to Housing   FISCAL IMPLICATIONS:: None to the State.   EFFECTIVE DATE:: This bill shall take effect on the ninetieth day after it shall have become a law.
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A00389 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           389
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                     January 9, 2023
                                       ___________
 
        Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred to the
          Committee on Housing
 
        AN ACT to amend the private housing finance law, in relation to initiat-
          ing a four-year moratorium on privatization  voting  by  Mitchell-Lama
          building shareholders
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Section 35 of the private housing finance law is amended by
     2  adding a new subdivision 5 to read as follows:
     3    5. (a) In the event of a failed voluntary dissolution vote by a compa-
     4  ny subject to this article, there shall be  a  four-year  moratorium  on
     5  voluntary dissolution voting by such company.
     6    (b) Any city, town or village may enact local laws, ordinances, resol-
     7  utions  or  regulations not less restrictive than those provided in this
     8  subdivision.
     9    (c) The provisions of this subdivision shall not diminish the require-
    10  ments of any other law which may apply to such action.
    11    § 2. This act shall take effect on the ninetieth day  after  it  shall
    12  have become a law.
 
 
 
 

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00753-01-3
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