A bill to enhance the rights of co-operative apartment owners is advancing in New York State. Sponsored by legislators Liz Krueger and Linda Rosenthal, the bill seeks to ensure more protections for co-op residents, particularly those who do not own the underlying land. However, legal expert Anita Laremont contends that the bill's provisions could be unconstitutional as they impose new terms on existing contracts, thus disrupting established landlord and tenant relationships. This legislative effort reflects tensions in New York's real estate market, especially concerning co-ops on Billionaire's Row.
"The proposed bill aims to give more rights to people who own co-operative apartments but not the land underneath, altering the existing landlord-tenant relationship."
"Laremont argues the bill could be unconstitutional as it adds new requirements like rent stabilization law and first rights refusal, disrupting established agreements."
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