New Jersey passed a law requiring condo and co-op buildings to conduct reserve studies. Could New York be next? - Brick Underground
New Jersey passed a law requiring condo and co-op buildings to conduct reserve studies, potentially signaling a similar move in New York. This could impact HOA and condo boards by mandating regular financial planning for major repairs.
Aforeworn detected this change in the HOA & Condo Board Rules space on July 6, 2026 and published this briefing so affected operators are forewarned rather than caught off guard. It is rated Medium urgency. Self-managed boards, management companies, high-rise condos, master-planned HOAs in New York and New Jersey should confirm how it applies to their specific situation before acting. There is a time constraint attached: Ongoing; New York bill not yet passed, but boards should act within 6 months to stay ahead.. Acting after that point can mean penalties, a lapsed licence, or lost eligibility — exactly the kind of surprise Aforeworn exists to prevent. Aforeworn monitors HOA & Condo Board Rules continuously and turns every detected change into a plain-English briefing like this one, so you always know first. Forewarned is forearmed.
What changed
New Jersey now requires reserve studies for condo and co-op buildings; New York may follow suit.
Who it affects
Self-managed boards, management companies, high-rise condos, master-planned HOAs in New York and New Jersey
What you must do
Monitor New York legislative developments and consider proactive reserve studies to prepare for potential mandates.
Deadline
Ongoing; New York bill not yet passed, but boards should act within 6 months to stay ahead.
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