Ground Lease Co-op Residents to Lead Briefing on Bill to Protect 25K+ New Yorkers from Displacement

ALBANY, NY (03/23/2026) (readMedia)-- On Tuesday, Assembly Housing Committee Chair Linda Rosenthal and state lawmakers will hold a legislative briefing featuring impacted families urging the Albany Legislature to pass standard housing protections for more than 25,000 middle-class New Yorkers living in ground lease co-ops. Amid the statewide housing crisis, Senator Krueger and Assemblymember Rosenthal are sponsoring S2433A/A2619 to close a key legal loophole that leaves ground lease co-ops uniquely vulnerable to displacement.

New York houses nearly 12,000 ground lease co-op apartments across the state, with more than 50% of these units located in the outer boroughs. As part of a unique housing arrangement with half a century of history, residents in these buildings own their homes but rent the land beneath their co-ops from third-party landowners. With decades-old ground leases beginning to expire statewide, entire co-ops are at risk of losing their homes and equity, as landlords weaponize lease renewals to demand extreme rent hikes. Ground lease co-ops face additional financial pressure as residents struggle to obtain loans for necessary repairs and upgrades, due to widespread concerns about co-ops dissolving upon lease expiration.