Res 1417-2017

By Council Member Reynoso Whereas, Tenants should be allowed to remain in their homes whenever possible, as it promotes stability among tenants and helps slow the pace of gentrification; and Whereas, If an owner of a building dies intestate, and the building is liquidated at a public auction, it is less likely that tenants will be allowed to remain in their homes; and Whereas, According to an article in the Ridgewood Times, there is at least one case in the City of New York of a building owner passing away without a will; and Whereas, The tenants of said rent-regulated building were willing to purchase the building as a cooperative, but the building was liquidated at a public auction; and Whereas, Although it is too late for the residents of said building, action by the State Legislature could help prevent such events from happening again; and Whereas, State law provides for the procedures for disposing of real property when an individual dies intestate; now, therefore, be it Resolved, That the Council of the City of New York calls on the State Legislature to amend the Estates Powers and Trusts Law such that, in the case that a building owner passes away intestate, and no immediate family can be identified as next-of-kin, if a majority of building tenants are willing to purchase the building as a cooperative and they are willing to pay the appraised value of the property, they should have a right of first refusal. LS #9722 2/14/17 2:22p JR 1 2