"Co-op boards have not been required to acknowledge or respond to a purchase application within any defined timeframe. A buyer could submit every requested document, meet every requirement, and still be left waiting indefinitely, without updates on where their application stood. For potential homeowners, this uncertainty carries serious financial and logistical consequences. Mortgage rate locks expire, moving plans get disrupted, and sellers are forced to absorb extended carrying costs."
"Intro 1120 was designed to end this uncertainty by establishing clear, enforceable procedural standards for co-op application review. Former Mayor Eric Adams' veto was an attempt to reinforce an opaque system that concentrates control in private hands while denying applicants basic procedural protections. Given the sordid history of discrimination in housing, a system that permits indefinite delay without transparency would create significant risk for unequal treatment."
New York City faces a severe housing and affordability crisis that requires efficient, fair, and transparent housing systems. The cooperative apartment purchase process has long lacked structure and accountability, allowing co-op boards to leave applicants waiting without defined response timeframes. Indefinite delays can cause mortgage rate locks to expire, disrupt moving plans, force sellers to absorb carrying costs, and create budgeting and operational strain for co-op buildings. Intro 1120 establishes clear, enforceable procedural standards for co-op application review. A mayoral veto preserved an opaque system that concentrates private control and increases risk of unequal treatment and discrimination.
Read at www.amny.com
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