This chapter shall be known as "Condominium and Cooperative
Conversion."
A significant increase in the conversion of rental units to
cooperatives or condominiums is currently taking place. It is sound
public policy to encourage such conversion while, at the same time,
protecting tenants in possession who do not desire or who are unable
to purchase the units in which they reside from being coerced into
vacating such units or paying unconscionable rent increases. The acute
shortage of housing accommodations has aggravated the position of
nonpurchasing tenants, and the position of nonpurchasing tenants who
are sixty-two (62) years of age or older is particularly precarious
because of limited financial resources and physical limitations. The
New York State Legislature, in order to provide protection for persons
sixty-two (62) years of age and older and eligible disabled persons,
has enacted Chapter 771 of the 1983 Session Laws of New York amending § 352-e
of the General Business Law by adding a new Subdivision 2-a to cover
senior citizens [persons sixty-two (62) years of age or older] and
disabled persons who are not covered under § 352-eee or
352-eeee of the General Business Law and providing for local adoption
by city, town or village governments not already covered.
The Town of Smithtown hereby adopts the provisions of Chapter
771 of the 1983 Session Laws of New York amending § 352-e
of the General Business Law by adding a new Subdivision 2-a to protect
senior citizens [persons sixty-two (62) years of age or older] from
eviction after a plan has been filed with the Attorney General to
convert rental dwelling units to cooperative or condominium ownership
and from unconscionable rent increases in connection with uncontrolled
rental dwelling units.