Jan. 19, 2026
In the final days of the troubled tenure of Mayor Eric Adams, the city council considered a trio of bills that had major implications for New York City co-ops boards.
The first, the “reasons” bill, would have have required co-op boards to provide specific reasons for rejecting an application package from a potential apartment buyer. The bill, vigorously opposed by co-op boards, did not pass.
The second, the “finance disclosure” bill, would have required co-op boards to divulge certain records to prospective apartment buyers. It, too, was vigorously opposed and failed to pass.
The third bill, known as the “timings” bill, would impose time limits on co-ops with 10 or more units. Boards would have 15 days to acknowledge receipt of a purchase application, then an additional 45 days to accept or reject the application. Enforcement of the law would be handled by the Department of Housing Preservation and Development, with civil penalties imposed if deadlines are missed.
This bill, despite equally vigorous opposition by co-op advocates, passed the city council overwhelmingly. But in one of his last acts of mayor, Eric Adams vetoed it. The veto was formally delivered to the new city council at its first meeting on Jan. 7. The council has 30 days from that date to override the veto or accept it.
This, obviously, leaves co-op boards in limbo. Habitat will follow this story closely and alert you if, and when, a veto override occurs. For now, boards should continue to prepare for the eventual passage of the “timings” bill. We will keep you updated as the situation progresses. Â