In response to the dire need for additional short term housing in New York City as a result of Hurricane Sandy, the Federation of New York Housing Cooperatives and Condominiums urge co-ops and condos across the city that they adopt an “emergency modification” of their building rules for the next 6 months.
This modification should amend the sublet rules for proposed “qualified tenants” that have been displaced and approved by unit owners/shareholders as follows:
1. qualified tenant is not subject to a minimum lease term
2. all sublet fees/application fees are waived for short term rentals to qualified tenants
3. there will be expedited approvals (72 hours) for qualified tenants
4. there shall be no limitations to the number leases issued to qualified tenants
I believe that, if adopted, this will free up thousands of vacant apartments in co-op and condominium buildings across the city for short term rentals.
HOUSING THOSE MADE HOMELESS BY THE HURRICANE
Tens of thousands of New Yorkers have been displaced from their homes as a result of Hurricane Sandy, and will need some form of temporary housing. FNYHC urges its member cooperatives and condominiums to consider ways to make vacant or infrequently used units available to these families. The Red Cross is providing financial help towards payment of rent, and would serve as an intermediary in bringing families to the coop or condo board.
FNYHC has already heard of numerous instances of shareholders requesting and securing quick board approval for friends or family displaced by the hurricane to stay in shareholder apartments. We add these cooperatives to our list of silent heroes of the hurricane rescue. Now we encourage members to do more.
Naturally, complying with our suggestion of opening this policy much wider, will require consultation with your professionals and may also involve formal modification of the sublet policies of most cooperatives and some condominiums. An expedited review process would also be desirable.
If your cooperative or condominium has units available and is interested in making them available to the City, please contact FNYHC at email@example.com or the Real Estate Board of New York firstname.lastname@example.org.