NYC Landlords Could Face Major New Rules When Selling Apartment Buildings
Supporters say the measure could protect affordable housing, while small landlords warn it could make selling properties more difficult. The City Council has approved legislation that allows qualified nonprofit organizations to pursue the purchase of certain residential properties before selling them to other buyers. The Community Opportunity to Purchase Act, sponsored by Council Member Sandy Nurse, would allow eligible nonprofits and qualifying partnerships an initial opportunity to express interest in buying covered properties and submit an offer within 20 days. If a property owner receives an offer from another buyer, a qualified nonprofit would have the right to match this offer and purchase the property under the same terms. The Department of Housing Preservation and Development would oversee the program and issue periodic reports. However, Small Property Owners of New York, an organization representing small landlords, argued that the policy could reduce property values and limit their ability to sell to conventional buyers.
Veröffentlicht : Vor 19 Stunden durch Ainsley Martinez in Business Politics
NEW YORK CITY— Landlords would have to give qualified nonprofit organizations an opportunity to pursue the purchase of certain residential properties before selling them to other buyers under legislat... [2224 symbols]
