What a difference a year makes! To think that a year ago we were all prisoners of our homes with no light in sight. Fast forward to the present. 30% of New Yorkers have been fully vaccinated against Covid, the city is getting close to a full reopening and things are starting to feel normal.
Being that there are so many coops in NYC, a large portion of my job is dealing with the dreaded coop board. A coop board can reject any buyer and not have to give a reason why. This has been a big issue for all- buyers, sellers, agents and is debated by politicians often.
State lawmakers are proposing new rules that would require New York City co-op boards to state why they rejected a potential apartment buyer.
The State Senate bill says residential co-op and condominium boards would have to provide written explanations when they decide to turn down applicants who want to purchase at their building.
Democrats have introduced a version of this bill many times in the past, but it has failed because some lawmakers have been sympathetic to objections from co-op boards, who fear opening themselves up to more litigation.
Co-op boards can reject prospective residents for any reason that isn’t protected under local and federal antidiscrimination laws. However, fair-housing advocates say a board’s lack of accountability or transparency into the decision-making process opens the door to discrimination, based on a potential buyer’s race, sexual orientation or religion.
Some real-estate attorneys and brokers think the proposed bill could lead to more lawsuits against boards, if applicants don’t believe the official reason. The proposed bill also would require co-ops to spell out their application and acceptance policies at the time of application and to let applicants know if they were approved within 90 days of completing their application.
My team and I will be following this topic closely so please feel free to reach out to me at any time to learn more about it.
If you have any specific topic requests or any questions at all regarding the NYC real estate market, I would be happy to hear from you. Or you can just reach out to say hello! Your feedback is always welcome.
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