A Brooklyn state senator is drafting a bill that would give tenants priority to buy their landlord's building should the property go up for sale.
State Senator Zellnor Myrie's "Tenant Opportunity to Purchase Act" would give tenants priority to buy their landlord's building and turn it into a cooperative if their landlord puts the property up for sale. In another scenario, tenants could also work with a non-profit that would buy and manage the building, according to his office. The policy is a piece of the Housing Justice for All Coalition's platform.
"As someone who grew up in rent-stabilized apartments and someone that still lives in a rent-stabilized apartment, the dream of ownership has really been elusive for people like myself, my mom, and many of the folks that I represent in Central Brooklyn," Myrie told Gothamist. The bill would allow renters to buy the building and manage it as a limited equity cooperative, a structure that allows low- to moderate-income New Yorkers to become shareholders and co-own the building with their neighbors.
There are restrictions on how much the co-op units could be sold for, aimed to ensure that the apartments are permanently affordable.
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