A 1867: Relates to requirements for a building owner to refuse to renew a lease under the real estate industry stabilization code; requires the owner of a building to be demolished to prove that such owner has the financial ability to complete demolition of the building.

  
  STATE OF NEW YORK ________________________________________________________________________ 1867 2025-2026 Regular Sessions  IN ASSEMBLY January 14, 2025 ___________ Introduced by M. of A. ROSENTHAL, EPSTEIN, BICHOTTE HERMELYN, BURDICK, SEAWRIGHT -- read once and referred to the Committee on Housing AN ACT to amend the administrative code of the city of New York, in relation to requirements for a building owner to refuse to renew a lease when the building is to be demolished The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subparagraph (a) of paragraph 9 of subdivision c of section 2 26-511 of the administrative code of the city of New York is amended to 3 read as follows: 4 (a) where [he or she] such owner establishes to the satisfaction of 5 the division of housing and community renewal that such owner: (i) 6 intends in good faith to demolish the building [and] and construct a new 7 building; (ii) has obtained from the department of buildings a permit 8 [therefor from the department of buildings] for such demolition project 9 and approved plans for the new building construction project; and (iii) 10 has the financial ability to complete same; or 11 § 2. This act shall take effect immediately; provided that the amend- 12 ments to subparagraph (a) of paragraph 9 of subdivision c of section 13 26-511 of the administrative code of the city of New York made by 14 section one of this act shall expire on the same date as such section 15 expires and shall not affect the expiration of such section as provided 16 in section 26-520 of such code. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04702-01-5