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New York Co-op laws are tough on renting

Posted by CondoAssociation.com on Wed, May 17, 2017 @ 07:04 AM

I am on the Board of Managers for a 116 unit condo complex. Owner occupancy by-laws state owner must live in unit for minimum of two years or leave vacant when a unit is purchased. Recently a unit was sold to a daughter for below market value to save from foreclosure, 20 years the unit has been rented. Since it is a new owner (previous unit owners daughter) the Board is saying she can not rent it. The original owner is on the deed with her daughter. Lease was signed prior to sale (conflict in credit the original owner couldn't refinance so they had to sell to the daughter) does N.Y. State law trump by-laws? 

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