BREAKING: NYS Senate Passes Ground Lease Co-op Legislation

ALBANY, NY (06/10/2025) (readMedia)-- Today, the New York State Senate successfully passed the Ground Lease Co-op Bill (S2433A Krueger/A2619 Rosenthal), marking a key step forward in securing protections for more than 25,000 ground lease co-op residents vulnerable to displacement due to longstanding gaps in New York State housing law. The Senate advanced the bill 34-28, and now the Ground Lease Co-op Coalition is confident the Assembly will carry it across the finish line before the end of the legislative session.

"The New Yorkers living in ground lease co-ops represent the diversity of our city and state: many are longtime residents, middle-income families, and retirees who first built their lives in these homes decades ago," said Senator Liz Krueger. Like all residents, they deserve the right to remain in the homes and communities they have built. In the middle of a housing affordability crisis, providing these much-needed protections will help to preserve the homes of tens of thousands of middle-income New Yorkers."

"Every New Yorker, including those who live in ground lease buildings, deserves to be protected against the loss of their housing," said Assemblymember Linda B. Rosenthal, Chair of the Assembly Committee on Housing. "Thousands of families call ground lease buildings home and many of them moved in without ever imagining that at the expiration of the ground lease, they could lose their equity and be pushed out by an astronomic rent increase. During an ongoing housing and affordability crisis, it is incumbent upon us to act to ensure these families can remain in their homes as rent-stabilized tenants. With the Senate having passed this legislation, I will be working to bring it over the finish line in the Assembly and preserve these homes."

"We commend the Senate for recognizing the urgency of our fight and passing this critical legislation. The Ground Lease Co-op bill represents a lifeline for more than 25,000 New Yorkers, living in ground lease co-ops without adequate security. We deserve the same basic housing protections as every other resident in our state. Now it's time for the Assembly to keep the momentum moving before the end of session. Our coalition remains optimistic that the full Legislature will pass this much-needed legislation and defend our right to stay in our homes," said Richard Hirsch, president of the Carnegie House Board of Directors and member of the Ground Lease Co-op Coalition.

"As a longtime resident of Mainstay Co-op in Queens - the borough with the highest number of ground lease co-ops citywide - it's impossible to overstate how meaningful this win is. This legislation will give tens of thousands of residents real hope that we'll be able to stay in our homes and protect the communities we've worked to build for generations. We are pleased to see the Senate take decisive action and are counting on the Assembly to advance this bill across the finish line," said Ira Wolk, resident of Mainstay Co-op and member of the Ground Lease Co-op Coalition.

"The Senate's passage of the Ground Lease Co-op Bill is a monumental victory for fairness and common sense. For too long, ground lease co-op residents have been uniquely vulnerable under the law - this bill finally levels the playing field. The Presidents Co-op and Condo Council urges the Assembly to act quickly and ensure these protections become law before more families are pushed out of the homes they've built their lives around," said Geoffrey Mazel, Legal Counsel for the Presidents Co-op and Condo Council.

BACKGROUND:

As land values reach all-time highs and outpace typical incomes for residents, the legislation introduces critical protections to help New Yorkers in ground lease co-ops fend off predatory rent increases and preserve the ability to stay in their homes in the event of deconversion. In particular, the legislation ensures residents will benefit from the same protections under rent stabilization laws as all other rent stabilized buildings, and will be able to secure reasonable first rents if their co-op is forced to deconvert - providing a path for them to stay in their homes. The Ground Lease Co-op Bill now seeks to guarantee the following tenant protections for residents:

• Ability to borrow for required repairs and capital improvements
• Right of first refusal
• Tenant protections upon deconversion including rental leases for existing residents

Amid the statewide housing crisis, the Ground Lease Co-op Coalition is fighting to pass this legislation and protect families as long-term ground leases begin to expire statewide for more than ten thousand apartments. Unlike traditional co-ops, ground lease co-ops own their homes but lease the land beneath their buildings from landowners and face some unique challenges as a result. Originally established to support middle-class homeownership, more than half of New York's ground lease co-ops are located in Queens, Brooklyn, and the Bronx. Decades later, ground lease co-ops continue to house New York's middle class, with the majority of residents earning just above the city's median of $76,000 across all five boroughs. As the last unprotected class of 'tenants' in New York, ground lease co-ops are eager to see the legislation passed into law by the end of this legislative session.

About the Ground Lease Co-op Coalition: The Ground Lease Co-op Coalition (GLCC) is a non-partisan coalition of co-op owners from diverse socioeconomic, cultural, and ethnic backgrounds advocating to save their homes amid the statewide housing crisis in New York. Representing more than 25,000 New Yorkers, the coalition supports legislative reform to ensure housing fairness, stability, and affordability for all ground lease co-op residents.

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