Property Ownership
In New York, a 'co-op conversion' occurs when a rental building is converted to cooperative ownership. During a 'non-eviction plan' conversion, existing tenants who do not purchase their units:
AMust vacate within 30 days of the plan being accepted
BHave the right to remain in their apartments as rent-regulated or otherwise protected tenants✓ Correct
CAutomatically become shareholders in the cooperative
DAre offered market-rate leases with no protections
Explanation
During a non-eviction plan conversion in New York, existing tenants who choose not to purchase their units (non-purchasing tenants) have the right to remain in their apartments under their existing rental agreements (and applicable rent regulation) and may not be evicted solely because the building converted to a co-op. This protects long-term renters during conversions.
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