Imposes penalties for non-compliance of DHCR orders by owners of multiple dwelling units; provides a fine of $5,000 for each instance of non-compliance.
Creates the New York state home ownership savings plan; creates a property tax exemption related thereto; creates exemptions for properties purchased in target areas with a New York state home ownership savings plan.
Extends certain provisions relating to establishing initial rents in respect of certain loans to owners of existing multiple dwellings to June 30, 2027.
Relates to exemption from taxation of alterations and improvements to multiple dwellings by expanding certain provisions to include cities where the multiple residence law is applicable.
Requires owner of a multiple dwelling to procure and maintain fire insurance on such multiple dwelling in the amount of the full cost to replace such multiple dwelling; requires owners of multiple dwellings to use insurance proceeds to replace such multiple dwellings; deems void provisions in other documents which are contrary to such insurance requirement; provides that failure to comply with such provisions shall constitute a misdemeanor; gives tenants a right to resume occupancy upon restoration of such multiple dwelling.
Establishes the farm ownership succession planning program to provide farm owners with a succession planning toolkit that can be used by such farm owners who plan on selling or closing their farm.