Legislation

Establishes the “tenant opportunity to purchase act”; prevents the displacement of lower-income tenants in New York and preserves affordable housing by providing an opportunity for tenants to own or remain renters in the properties in which they reside.

Summary

Giving tenants an opportunity to purchase the buildings in which they
are tenants will stabilize the housing market in New York at prices that
are affordable to working people. Affordable housing and price stabili-
zation provisions will help address our worsening homelessness crisis,
reduce housing inflation and address the worst aspects of gentrification
while allowing sellers to get a fair price for their property if they
wish to sell as well as permitting purchasers to enjoy a reasonable
profit from their investment.