Bill
S 1354
Overview: S 1354 is a bill introduced in the New York State Senate on April 08, 2025. It provides for the conversion of condominium ownership to preserve expiring affordable housin
Overview: S 1354 is a bill introduced in the New York State Senate on April 08, 2025. It provides for the conversion of condominium ownership to preserve expiring affordable housing in New York City.
Purpose and Intent: The bill aims to address the issue of expiring affordable housing units in New York City by enabling the conversion of condominium ownership to maintain the long-term affordability of these units.
Key Provisions:
- Allows the conversion of condominium units with expiring affordability restrictions into a new form of ownership that preserves their affordability
- Establishes a process for the city to acquire and convert these units, including the ability to exercise eminent domain if necessary
- Provides financial incentives and assistance to facilitate the conversion and preservation of affordable housing
Affected Parties and Impacts: The bill would primarily benefit low- and moderate-income residents of New York City who rely on affordable housing units, preventing the loss of these units as affordability restrictions expire. It would also impact condominium owners, developers, and the city government, which would play a role in the conversion and preservation process.
Procedural and Timeline Considerations: S 1354 has been reported and committed to the New York State Senate Finance Committee for further review and consideration. If passed by the legislature and signed into law, the provisions of the bill would take effect immediately to address the pressing issue of expiring affordable housing in New York City.
Compiled from official sources — confirm details with the bill’s official record.
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