Westchester Co-Op Transparency Law Faces Calls for Improvement Amid High Rejection Rates
In December 2018, Westchester County Executive George Latimer signed legislation aimed at protecting prospective co-op purchasers. However, since its implementation, over 300 rejections of prospective buyers have occurred, raising concerns about the law's effectiveness. The Hudson Gateway Association of REALTORS® (HGAR) and the Human Rights Commission are advocating for significant changes to the law. Key proposed improvements include a mandatory standardized form for all co-ops, a requirement for co-op boards to provide a written reason for rejection, and a mandate for co-op boards to specify financial reasons for denial to prospective purchasers. Additionally, there is support for a provision that would automatically accept an offer if the co-op board fails to respond within 60 days.
