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Homeowners within manufactured home parks now have the right of first refusal should the property owner enter an agreement to sell.
The homeowners and/or the affiliated homeowners association must be provided with details of a proposed sale and then would have 60 days to indicate their intent to match the offer. That match would then need to be completed within 140 days.
The legislation was signed into law on Wednesday by Gov. Kathy Hochul and is meant to give residents “a fair shot at protecting their communities from owners who don’t share their vision for the mobile home park,” bill sponsor James Skoufis (D-Cornwall) said in a news...
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At least one person in the room is still sane:
But the new requirement may adversely impact investment, said Jeff Cook, CEO of Rochester-based Cook Properties, the state’s largest owner of manufactured housing communities. “This onerous extra step represents another hurdle for owners and potential owners of these communities, who will now think twice about making investments in New York,” Cook said.
It would be interesting to know how this “tenant right of first refusal” concept began in the first place. It certainly is not based on fact. Currently over 99% of mobile home park transactions do NOT include the tenants buying the park. Anyone who has ever sold a park to the tenants knows that it takes forever and a huge percentage of those then fail to materialize (as no non-profits want to guarantee the debt, which is required).
These kind of laws make as much sense as giving each and every person in the State of New York the first option to buy the Brooklyn Bridge – and about as useful.