Senator Krueger and Assemblymember Rosenthal Amend Legislation to Protect Thousands of NY Ground Lease Co-ops

ALBANY, NY (05/21/2025) (readMedia)-- This week, State Senator Liz Krueger and Assemblymember Linda Rosenthal amended the Ground Lease Co-op Bill (S2433/A2619) to address longstanding gaps in New York State laws that leave more than 25,000 ground lease co-op residents vulnerable to displacement. On Monday, the Assembly Housing Committee advanced the bill. As land values reach all-time highs and outpace typical incomes for residents, the revised 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.

The updated bill language clarifies the regulations governing a ground lease co-op deconversion by aligning them with already existing practices in the Rent Stabilization Law. In particular, the bill would ensure that 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.

"Ground lease co-ops have given generations of middle-class New Yorkers the chance to own a home. But if lawmakers don't act soon, New York risks wiping out thousands of homes in neighborhoods where new, affordable housing is nearly impossible to find. It's time for Albany to stand up for these families and advance this bill immediately," said Pamella Harris, vice president of the Hilltop Village Board of Directors and member of the Ground Lease Co-op Coalition.

"For nearly 70 years, Murray Hill Co-op has offered an affordable path to homeownership and a close-knit sense of community for generations of Flushing residents. But as our 99-year ground lease approaches its reset, we face a future of uncertainty. With our landlords threatening to dramatically hike our rent or take back our building - all while withholding the asking price to purchase the land - the prospect of losing our homes has shattered our community. Senator Krueger and Assemblymember Rosenthal's bill is a matter of security for ground lease co-ops statewide - we are grateful for their efforts to protect our homes. We ask that the full Senate and Assembly cooperate to push this critical legislation forward," said Anton Lekic, manager of Murray Hill Cooperative and member of the Ground Lease Co-op Coalition.

"As a Queens-based council representing thousands of ground lease co-op board members, the Presidents Co-op & Condo Council strongly supports Senator Krueger and Assemblymember Rosenthal's newly amended bill. Queens has the largest number of ground lease co-ops in New York State: more than 10,000 residents live in 4,718 apartments in our borough alone. Without basic protections, our members have little defense against displacement in the midst of a housing crisis that's already claimed far too many homes. The PCCC urges all New York lawmakers to prioritize S2433/A2619 this session and provide ground lease co-ops the same protections afforded to other classes of real estate," said Geoffrey Mazel, Legal Counsel for the Presidents Co-op & Condo Council.

"The Ground Lease Co-op Coalition commends Senator Krueger and Assemblymember Rosenthal for continuing to advance standard protections for the 25,000+ New Yorkers living in ground lease co-ops. "For the families of Carnegie House, the fight to protect residents of New York's ground lease co-ops couldn't be any more dire. With the current renewal of our co-op land lease - the first of hundreds of ground leases to expire around our city and state - this legislation is our last hope to stay in our homes. Without this bill, tens-of-thousands of New Yorkers will find themselves in our exact situation in the near future. It's time for Albany to protect the residents of ground lease co-ops. We urge our State Legislature to pass the bill this session," said Richard Hirsch, president of the Carnegie House Board of Directors and member of the Ground Lease Co-op Coalition.

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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