Legislators (Again) Seek to Govern Actions of Boards of Directors

Once again there are those in the New York State Senate and Assembly who would seek to restrict and control the autonomy of the cooperative boards of directors.  Year after year they (and others in the City Council, as well) introduce similarly restrictive legislation in the hope that the unwary may allow the bills to slip through.

The new bills (A10084 and Senate Bill 7523) contend that new provisions are needed to, “ensure uniformity and predictability to the application processes” used when potential homeowners seek to purchase cooperative apartments.  A second provision of the proposed legislation would force restrictive timelines to constrain and control each individual board’s review of purchase applications. The bills impugn the integrity of our co-op boards and actually go so far as to state that, “the processes and conditions [currently employed by cooperatives] give the appearance and have the potential to be misused against a purchaser of cooperative housing . . . [and] because New York State strongly opposes all illegal discrimination . . . ” additional safeguards are needed.

Co-ops boards are already properly guided in their actions by existing laws at every level of government.  No further impositions are needed.  State legislators must be informed and guided to vote “NO” against these bills.

Read a copy of the letter to our legislators from the Association of Riverdale Cooperatives and Condominiums urging the defeat of these bills here: