NYSAR submits testimony before NYC Council against proposal delaying sales

One June 3, NYSAR submitted formal testimony before the New York City Council in opposition to Int. 902, which would establish a right of first opportunity to purchase for qualified entities, prior to a building with 3 or more units being listed for sale. If enacted, the bill would, severely impair the ability of REALTORS® and other licensed real estate professionals to effectively and efficiently serve consumers looking to buy and sell multifamily properties in New York City. Property owners of these buildings would be required to notify HPD at least 180 days prior to actions taken to sell the building. Once the notice of sale is provided, the bill would establish a 120-day waiting period in which qualified entities may submit offers to purchase the building, during which time, the property owner may not accept any other offers. 

Read Testimony Here