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…
Westchester County lawmakers recently passed additional rules for its Co-op Disclosure Law, which itself dates back to 2018. The law originally gave co-op corporations and their representatives 60 days to determine whether a purchase applic…
Law firm Seyfarth Shaw issued a release this month reminding New York cooperatives and condominiums that they are subject to the New York Health and Essential Rights (HERO) Act that was signed into law on May 5, 2021. The new Department of …