The Housing Stability and Tenant Protection Act of 2019 (the “HSTPA”) affects cooperative apartment corporations (“Co-Ops”) because Part M refers to “all leases” in New York State, which could include proprietary leases that are provided to shareholders they purchase their shares. It does so even though these were not the intended traditional landlord-tenant relationships that were the subject of the Act.
HSTPA affects how we handle applications, credit checks, and defaults, and limits the amount of escrow we may collect from marginal applicants. Part M has already had a materially adverse impact on the ability of co-ops to function efficiently, increase the costs of operations, decrease fee income that will adversely affect operating budgets, and reduce the quality of life for the residents.
A bill to fix this error passed nearly unanimously during the legislative session. The PCCC along with other Co-op advocacy groups have worked and continue to work diligently on this bill. All that’s needed now is for Governor Hochul to sign it.
Please use this direct link courtesy of our partner organization, the Builders Institute.
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