Require Co-ops to Explain Rejections in Writing
In committee as of Jun 11, 2026Under review by an assigned committee.
✦ Plain-Language Summary
This law would require co-op boards to provide written reasons for rejecting a potential buyer within 5 days of their decision. Currently, co-op boards can turn down applicants without explaining why, leaving rejected buyers in the dark. This change would bring more transparency and accountability to the co-op buying process across NYC.
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Details
- Introduced
- Mar 10, 2026
- Body
- Committee on Housing and Buildings
- Type
- Introduction
- Status
- Committee
Sponsors (9)
Official Description
This bill would require cooperative corporations to provide prospective purchasers with a written statement of each and all of its reasons for withholding consent to a sale within five days after deciding to withhold such consent.