NYSAR Submits Testimony Opposing NYC Bill Restricting Free Market Sale of Multi-Family Properties

On February 23, NYSAR submitted formal testimony before the New York City Council in opposition to legislation (Int. 196) that would establish a right of first opportunity to purchase for not-for-profit organizations on buildings with 3 or more units prior to its listing for sale. Property owners of these buildings would be required to notify NYC HPD at least 180 days prior to any actions taken to sell the building. Once the notice of sale is provided, the bill would also establish a 120-day period in which qualified not-for-profit entities may submit offers to purchase the building, during which time, the property owner may not accept any other offers. The bill greatly impairs the ability of REALTORS^® to effectively and efficiently serve consumers looking to buy and sell multifamily properties in New York City. To read NYSAR’s full testimony, click HERE and respond to NYSAR’s Call for Action if you are a NYC resident.