The co-op community scored a significant victory on Thursday when the state Legislature passed two bills that effectively carve co-ops out of the Housing Stability and Tenant Protection Act. The intention of the act, which was signed into law by Gov. Andrew M. Cuomo in 2019, was to provide protections to the millions of tenants in rental properties in the state of New York. However, the act has had a profound – and clearly unintended – impact on the thousands of housing cooperatives because co-op boards have a landlord-tenant relationship with shareholders. Read the entire article……………………………….
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