City Council bills to curtail co-op board autonomy find REBNY support

Notoriously stubborn New York City co-op boards would see their power wane if two bills being kicked around the City Council become law. The Observer reported that the two bills, known as the “Fair and Prompt Co-op Disclosure Law” would require co-op boards to make a decision within 45 days of application submission and provide a written response explaining a rejection. As The Real Deal previously reported, perceived discrimination has become too closely intertwined with co-op boards’ decisions. Though the bills’ origination date back to 2006, widespread opposition helped keep them grounded, but the Real Estate Board of New York recently switched its position and backed the bills providing new pressure to pass the proposals. Michael Slattery, senior vice president at REBNY, said, “If you’ve provided the information and gone through the interview, there is a sense you should be told up or down.” Civil rights group have also added clout to the cause, arguing that discrimination runs rampant in co-op boards and by extension, city housing. Even after the condominium boom of recent years, co-ops still out-populate their condo brethren three-to-one in the city. [Observer]