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Bill

S 10169

Establishes the "tenant opportunity to purchase act"

2025 Regular Session Introduced by Julia Salazar

Gives tenants a right of first opportunity to buy their building when the owner plans to sell, with defined timelines, terms, and protections to preserve affordable housing.

REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
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WeVote Research Nonpartisan
Bill Summary · S 10169

Summary of Bill: S 10169 (New York) — Tenant Opportunity to Purchase Act

Overview

  • Jurisdiction: New York
  • Session: 2025-2026
  • Title: Establishes the "Tenant Opportunity to Purchase Act"
  • Status: Referred to the Committee on Housing, Construction and Community Development (as of 2026-05-04)
  • Sponsor: Co-sponsor Julia Salazar

Purpose and Intent

The bill creates a framework to provide tenants with a right of first opportunity to purchase certain residential properties when the owner intends to sell or transfer the property. The core aim is to preserve affordable rental housing and prevent displacement by ensuring tenants have a defined pathway to become owners of their building, subject to specified terms and processes.

Key Provisions and Changes (Summary of Likely Elements)

Note: The summary reflects standard components commonly included in tenant opportunity to purchase initiatives. The bill’s text would provide the exact mechanism, timelines, and eligibility; the following outlines reflect typical features such acts include.

  • Right of First Opportunity to Purchase (OFOP):

    • Tenants in covered buildings receive a preemptive window to purchase when the owner plans to sell or transfer the property.
    • The owner must offer the property to tenants on terms consistent with a market transaction, with defined timelines for response.

  • Notice and Notification Requirements:

    • Property owners must provide formal notice to tenants and the appropriate housing authority or designated entity detailing the intent to sell, asking price, terms, and sale timeline.
    • Notice triggers and contents are specified to ensure clarity and fairness.

  • Exercise Period for Tenants:

    • Tenants (or a tenant group) have a defined period to assemble financing, negotiate, and complete a purchase if they wish to exercise the OFOP.
    • If tenants do not respond within the window or decline, the owner may pursue sale to third parties under specified conditions.

  • Financing and Banking Provisions:

    • Provisions may outline acceptable financing methods, potential access to city or state financing programs, and any anti-discrimination protections related to the financing process.

  • Appraisal, Purchase Terms, and Protections:

    • Sale terms offered to tenants should align with market terms but may include allowances for financing contingencies and closing timelines.
    • Protections for tenants, including rights to a fair price assessment, disclosures, and procedures to address conflicts, are typically included.

  • Participation and Voting if Tenant Association Exists:

    • If a formal tenant association exists, it may have rights to participate in communications, coordinate, and submit a collective offer on behalf of tenants.

  • Limitations and Exclusions:

    • The act may define which properties are subject to OFOP (e.g., one- or multifamily buildings above a certain size or with certain occupancy characteristics) and may exclude properties with certain exemptions (already owner-occupied, government-subsidized units, etc.).

  • Enforcement and Remedies:

    • Mechanisms for enforcement, potential penalties for non-compliance by sellers, and avenues for tenant redress are typically specified.

  • Local Variations and Coordination:

    • The bill may authorize localities to administer, enforce, or supplement OFOP requirements, or to adopt administrative rules to implement the act.

Who Is Affected

  • Primary Subjects: Tenants and tenant associations in eligible residential buildings.
  • Property Owners/Sellers: Owners intending to sell or transfer eligible properties must comply with OFOP requirements.
  • Housing Agencies/Authorities: State or city housing entities may administer notices, provide resources, and oversee processes.
  • Financing and Real Estate Professionals: Lenders and brokers involved in tenant-initiated purchases would engage with the OFOP framework.

Procedural and Timeline Aspects

  • Referral: The bill has been referred to the Committee on Housing, Construction and Community Development.
  • Implementation Timeline: The bill text would specify effective dates, transition periods, and any phased implementation. Typical timelines include a notice window to tenants, a defined period to exercise the option, and closing deadlines if an OFOP is exercised.
  • Administrative Rules: Potential for additional rulemaking or guidance from housing agencies to operationalize OFOP.

Potential Impacts

  • Housing Stability: By enabling tenants to purchase, the bill aims to reduce displacement and preserve affordable rental housing stock.
  • Community Control: Residents gain greater say in the fate of their buildings and neighborhoods.
  • Market Dynamics: Could influence property selling timelines, pricing, and the pool of potential buyers.

If you would like, I can tailor this summary to include a line-by-line outlining once the full bill text is available, or provide comparisons to similar tenant opportunity to purchase laws in other jurisdictions.

Compiled from official sources — confirm details with the bill’s official record.

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