It depends on whom you ask. But those are the two chief issues that come up almost every year as new bills are offered up at the New York State Legislature and the New York City Council. The bills now being considered would require boards to act on purchase applications within a set time frame. Some would also require boards to disclose a reason for rejecting an applicant. While proponents say the laws are necessary to protect buyers and sellers from a prolonged or discriminatory process, those intimately familiar with the co-op application and review process counter that the laws are impractical and potentially damaging to co-ops.
“I’m a big believer in the old maxim, ‘If it ain’t broke, don’t fix it,’” says Bruce Cholst, a partner at Anderson Kill, a law firm representing about 225 buildings, and a long-time board member at his own 370-unit co-op. “Most boards do act within a matter of weeks, and if they don’t, there are usually legitimate reasons. I don’t see any reason for fixing something that isn’t broken on a widespread scale.”
To read the full story: Does New York City need an Admissions Clock?