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What is NYC AC § 26-2402?

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This section provides definitions for terms used in the chapter, including 'buyout agreement,' 'commissioner,' and 'department.' The definitions clarify the roles and entities involved in housing matters. Applies to building owners and tenants in relation to occupancy rights.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 26-2402 Definitions.

AC § 26-2402

As used in this chapter: Buyout agreement. The term "buyout agreement" means an agreement wherein the owner of a dwelling unit exchanges money or other valuable consideration to induce any person lawfully entitled to occupancy of such unit to surrender or waive any rights in relation to such occupancy that results in the tenant vacating such unit. Commissioner. The term "commissioner" means the commissioner of housing preservation and development and any successor thereto. Department. The term "department" means the department of housing preservation and development and any successor thereto. (L.L. 2019/102, 6/8/2019, eff. 7/1/2020)

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