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The process involved in buying a co-op in New York is one of the most stressful real estate-related tasks residents can subject themselves to.
If a new three-bill legislation package put forth by public advocate Jumaane Williams and council member Pierina Sanchez actually passes, though, the strenuous affair might soon become a tiny bit less stressful as co-op boards will be asked to explain why they've decided to reject certain would-be residents.
More specifically, Intro 195, would require the boards to provide applicants with a written statement detailing all the reasons why they've been denied within five days of the co-op's decision.
The second bill, Intro 914, would standardize the process even further, asking boards to acknowledge the receipt of an application within ten days of the fact and forcing members to respond to it within 45 days.
Finally, if Intro 917 were to pass, co-ops would have to share financial information with buyers after their offer is accepted. The buyer would be able to directly request said information and be guaranteed to receive it within 14 days of the ask.
The revamped process would certainly benefit all sorts of prospective apartment owners, but proponents of the legislation are specifically hoping the changes will help solve issues related to housing discrimination.
"For too long, a complicated, nebulous and opaque co-op process has left open the possibility for discrimination and denial of housing to qualified applicants," Williams said in an official statement. "These bills will go a long way toward reining in that process and providing transparency."
This isn't the first effort of its kind to make it to the news but here's to hoping it will be the one that finally turns into law.