Attorneys Size Up NYC Condo Conversion Bill

Real Estate partner, Philip Tucker, was quoted in Law360's coverage of NYC's Condo Conversion Bill. Included in New York's 2026 budget are changes to the blue-sky law that allow some mixed-income rental buildings to be converted to condominiums.

The article discusses how the bill "introduces some specificity to the concept of allowable rent increases for the remaining market rate rental units that are not converted to condominiums," according to Phil. Before the new law, those non-purchasing units could not be subjected to an "unconscionable" increase, a concept that was not clearly defined, Phil said. The new law specifically ties that concept to "good cause" eviction, which bars rent increases that are greater than the rate of inflation plus 5%, with a maximum of 10%.

"Doing a preservation plan means you're now importing good-cause eviction limits onto otherwise market rate housing," Tucker said.

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