S6346 - aka the ‘Reasons Bill’

One of the most talked‑about pieces of legislation making its way through the State Senate is Senate Bill S6346, introduced in March of 2025 and sponsored by Senator Jim Sanders. Essentially, the bill would require co‑op boards to provide a written statement of reasons for rejecting the sale of a co‑op apartment.

Under current law, co‑op boards can reject a sale without offering any explanation — a practice that has drawn criticism and even litigation over the years from buyers who feel shut out by opaque decision‑making. S6346 aims to bring clarity to the process by obligating boards to put their reasoning in writing within 30 days of making a decision. 

Proponents argue this would reduce arbitrary or discriminatory rejections and help prospective buyers understand what needs improvement in their applications. They see the bill as overdue reform, and feel that a documented explanation for a rejection could reduce misunderstandings and foster fairness for all parties involved.

But not everyone agrees. Critics—including many co‑op boards—contend that mandating written explanations could expose boards to legal risk and disrupt the delicate fiduciary judgments they must make to protect their buildings’ financial health. While the bill remains under debate in committee, its progress will be watched closely by co‑op communities across the city.

S8912 - a Push for Transparency 

Another bill generating buzz in Albany this session is Senate Bill S8912, introduced by Senator Shelley Mayer just last month. This proposal takes a wider perspective on co‑op governance, aiming to amend the Cooperative Corporations Law to increase transparency in how co‑ops are run.

If enacted, S8912 would expand shareholders’ rights to information about their co-ops, reshape how boards interact with members, and impose limits on certain powers held by management companies. Essentially, it would give shareholders more visibility and voice in their buildings’ affairs.

The measure is still in an early stage, having been referred to the Senate Corporations, Authorities and Commissions Committee in January 2026, and it includes complex provisions that blend corporate law principles with housing governance. The bill’s sponsors argue this is a long‑needed update that reflects the realities of modern co‑ops, where large sums of money and high stakes demand strong accountability; opponents counter that broad changes could unintentionally burden smaller buildings, or complicate routine operations. 

S5089 - the ‘Condo Bill of Rights’

Condominium owners haven’t been left out of the legislative conversation. Senate Bill S5089, sponsored by Senator Luis Sepúlveda and introduced in February of 2025, proposes a Residential Condominium Owner’s Bill of Rights. This measure would enshrine several rights for condo unit owners in statute, including the right to transparency, timely board decisions, voting rights, proper notice of meetings, and a right against extraordinary assessments without adequate owner understanding. 

Under S5089, condo boards would be obligated to share complete and accurate financial statements, meeting minutes, and other important documents with residents in a timely way. For unit owners who have ever wondered what happened to association funds or how decisions are reached, this bill is designed to offer a clearer window into governance.

Supporters of the bill point out that many current condo documents already include similar rights, but codifying them in state law would make them enforceable across all buildings, large and small. Opponents—including some board members and managers—worry that embedding these standards in statute could limit flexibility and add legal complexities for smaller associations.

S2433A - Ground Lease Protections 

Finally, Senate Bill S2433A focuses on a niche but deeply impactful issue: ground lease co‑ops. These buildings sit on land owned by another party—which in New York City where land is at a premium, is far from rare. 

S2433A was introduced in January of 2025, and would establish rights for co-op residents when a ground lease expires or is terminated, including tenancy protections and a clearer process to negotiate fair leases. In some high-profile cases, ground lease renewal battles have threatened the existence of long‑standing co‑ops, making this bill especially relevant for certain communities.

Senator Liz Krueger, who sponsored the bill, has said the measure is about protecting New Yorkers’ homes and investments — not letting residents be forced out or have their co‑ops destabilized simply because they don’t own the land beneath their building.

For board members, managers, and residents alike, now is the time to pay attention, ask questions, and when the time comes, weigh in with lawmakers about what will truly serve their communities.