NYC Council · Int 0537-2024 · Filed (End of Session)

Requiring a clause in commercial leases that obligates the parties to engage in good faith negotiations during certain states of emergency.

Introduced

Moved

Reached a final decision

Introduced Mar 7, 2024

Official status: Filed (End of Session)

Derived from the official record below.

Officially: “A Local Law to amend the administrative code of the city of New York, in relation to requiring a clause in commercial leases that obligates the parties to engage in good faith negotiations during certain states of emergency” Read the full text

Small Business

What it does

This bill would require parties, contracting to rent commercial property or with existing commercial leases, to engage in “good faith” efforts to negotiate toward a rent concession if the tenant’s business is required to close pursuant to an order issued as a result of a state of emergency.

Summary written by City Council staff, from the official record. Plain-language AI rewrite with cited sections coming. Not legal advice.