A proposed City Council bill aimed at increasing transparency in co-op board approval processes in New York City is facing obstacles and criticism from co-op boards. The legislation, which would require boards in buildings with at least 10 units to justify rejections and face fines for noncompliance, has stalled in the legislative process.
For many New Yorkers seeking to purchase homes, co-op boards present a source of anxiety, with the process of obtaining approval often lengthy and costly. Potential buyers endure notoriously intrusive questioning and financial reviews that resemble tax audits. The City Council is considering legislation to address this issue by requiring boards in buildings with at least 10 units to provide justifications for rejecting prospective purchasers and imposing fines up to $25,000 for noncompliance.
Introduced by Public Advocate Jumaane Williams in February 2022, the bill has garnered 29 Council sponsors. However, similar measures in the past have faced strong opposition from co-op boards, and the current version remains stalled in the legislative process, lacking even a hearing 10 months after its introduction. Notably, councilmembers representing districts with a high concentration of co-ops, primarily in Manhattan, have not endorsed the legislation and have declined to comment on their stance. While a spokesperson for Council Speaker Adrienne Adams, who determines which bills receive public hearings, stated that the measure is undergoing the legislative process, they did not disclose when or if councilmembers and New Yorkers would have the opportunity to provide input. A spokesperson for Council Housing Chair Pierina Sanchez, who is currently on parental leave, was unavailable for comment. According to a review of city property data by the listings site StreetEasy, New York City recorded 12,706 co-op sales in 2023, accounting for approximately one-third of all home sales in the five boroughs
NEW YORK CITY CO-OP BOARDS HOUSING LEGISLATION TRANSPARENCY
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