Visit Habitat to read the full story. The 25,000 shareholders in New York City's 100 land-lease co-ops exist under a cloud. Since the corporations don't own the land their buildings sit on, they face sharp spikes in rent charged by the landowners when the long-term...
New York Co-Op Apartment Owners
News Release: New York Co-Op Apartment Owners Organizing & Seeking Protections from Eminent Threats During Housing Crisis
New York Co-Op Apartment Owners Organizing & Seeking Protections from Eminent Threats During Housing Crisis Grassroots Coalition Launches Webpage and Digital Advocacy Campaign Aimed at Passage of Krueger/Rosenthal Legislation More than 25,000 New Yorkers residing in ground lease co-op apartments have come together to advocate for state legislation introduced in Albany that will provide basic tenant rights and consumer protections from threats to their homes when long-term land lease provisions expire. The group has been meeting informally for approximately six months and working with key legislators to raise awareness and underscore the urgency of this matter during the 2024 legislative session. For some co-op owners, their homes are in jeopardy, as existing ground lease terms sunset in 2025. Earlier this year, identical bills (S. 7825 and A. 5031A) were sponsored by Senator Liz Krueger and Assemblymember Linda Rosenthal, and referred to the Senate Judiciary Committee and Assembly Housing committees. The grassroots coalition today activated a digital advocacy campaign to complement parallel efforts to raise awareness of the bill with legislators and to engage stakeholders such as: co-op boards, owners and housing rights organizations to take action by joining its cause. The group has established a website framing its objectives, concerns and rationale for the […]