In the Headlines
January 4, 2025
The Daily Dirt: RIP Co-Op Conversions
The Real Deal
Real Estate attorney Stuart Saft was quoted in an article published by The Real Deal where he discussed the impact of New York's Housing Stability and Tenant Protection Act (HSTPA) on co-op and condo conversions. Increased tenant agreement requirements in the legislation have drastically reduced the number of conversions, limiting affordable home ownership opportunities for many New Yorkers. Mr. Saft emphasized the need to revert these changes to revive the conversion market.
"All the legislature has to do is restore the 15 percent threshold for a conversion from the historic high of 51 percent and hundreds of thousands of low- and moderate-income tenants will become homeowners," he said.
READ: The Daily Dirt: RIP Co-Op Conversions (Subscription required)
"All the legislature has to do is restore the 15 percent threshold for a conversion from the historic high of 51 percent and hundreds of thousands of low- and moderate-income tenants will become homeowners," he said.
READ: The Daily Dirt: RIP Co-Op Conversions (Subscription required)