Certain cooperatives (co-ops) and condominiums (condos) that wish to be eligible for the co-op and condo property tax abatement are in a mad dash to submit the newly required prevailing wage affidavit . Which Communities Must Submit th…
![When Must Co-ops and Condos Pay Their Employees Prevailing Wages? Time is money on scales icon. Money and time balance on scale. Weights with clock and money coin. Vector illustration in flat style](/_data/ny/articles/10715_image1.jpg?w=351&h=190&mode=crop&scale=both)
Certain cooperatives (co-ops) and condominiums (condos) that wish to be eligible for the co-op and condo property tax abatement are in a mad dash to submit the newly required prevailing wage affidavit . Which Communities Must Submit th…
Back in the fall of 2019, the New York State Legislature passed a new and stringent law meant to protect and defend the rights of rental tenants. Because co-op boards technically fall under the legal umbrella of ‘landlord’, they were subjec…
On January 5th, Governor Kathy Hochul addressed New Yorkers in the annual State of the State Address. According to attorneys Brett Gottleib and Mitchell Korbey of the law firm Herrick Feinstein LLP, “While [Hochul’s] speech was silent with …
On December 22, 2021, Governor Hochul finally signed into law the amendment which exempts cooperatives from many of the onerous provisions of the Housing Stability and Tenant Protection Act (HSTPA) of 2019. Under the HSTPA, late fees impos…
A common phrase heard in many board rooms is that the board is protected under the law by the “business judgment rule.” This legal doctrine provides a judicial deference to a board’s decision if that decision is made in good faith and with…
It may come as a surprise to many that federal disaster recovery assistance is not available for the country’s co-ops and condos the same way it is for single-family homeowners. This discrepancy in the law became apparent after 2012’s Sup…
On Friday, September 17, Governor Kathy Hochul joined porters, doormen and other building service workers at Columbus Circle in Manhattan to celebrate a new law that will raise wages to the industry standard for over 2,000 frontline workers…
New York Governor Kathy Hochul’s Labor Day signing of four pieces of new legislation protecting and supporting workers gave those laws a lot of visibility. (Readers of CooperatorNews can find a summary of one of those four pieces of leg…
On Labor Day, New York Governor Kathy Hochul signed Senate bill S6350A, which prohibits most individual unit owners or shareholders in condominiums (condos) or cooperatives (co-ops) from obtaining or maintaining tax abatements under section…
NBC News recently reported on a 2019 class-action lawsuit filed by shareholder-tenants of several New York City co-ops that the city took over under the aegis of a controversial program called Third Party Transfer (TPT). The program wa…