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Legislature Modifies HSTPA to Assist Co-ops
Two years ago, on June 14, 2019, New York lawmakers approved, and Governor Cuomo signed into law, the "Housing Stability and Tenant Protection Act of 2019" (the Act), which contained a series of laws affecting all rentals within the State of New York. The Act was intended to provide safeguards and additional protections to tenants in rental properties. As we had previously predicted, among its many sweeping changes, the Act had an unintended and profound impact on the thousands of cooperative corporations located in New York. Boards of directors and their managing agents were also forced to deal with the uncertainty of many of the Act's provisions, often erring on the side of inaction. However, on June 10, 2021, New York's lawmakers approved amendments to the Act, exempting cooperative corporations from some of the most onerous provisions, and clarifying others. Once the new legislation is signed into law by the Governor, it will not only be a huge victory for the thousands of cooperative apartment buildings but also for many potential purchasers who were unable to purchase in those buildings as a result of the Act.
Cooperative corporations, unlike condominiums, rely on a landlord-tenant relationship under a proprietary lease (which governs the occupancy of the apartment). As a result, boards of directors are considered landlords and purchaser-shareholders are considered tenants, though, in each case, not in the traditional sense. Cooperative corporations are also not set up as a for-profit business, rather they are private housing corporations intended generally for occupancy by its shareholders and are governed by a proprietary lease and by-laws which sets forth the rights of each party and terms of governance.
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