“Time kills all deals”: City Council approves bill ending co-op application purgatory

New York City is putting co-op boards on the clock.  The City Council on Thursday approved a bill aimed at cutting down on co-op board application response times. Members voted 46 to 2 in a veto-proof majority, which means the bill will become law.  The bill, proposed by Majority Leader and known as 1120, Amanda Farias, would require co-op boards to let applicants know within 15 days that they’ve received their application and whether their application is considered complete or if they need more information to proceed. Once the application is whole, the board has 45 days to accept or […] This article originally appeared on The Real Deal. Click here to read the full story.