The Loft Law establishes a comprehensive framework for the conversion of IMD buildings to safe residences and compels landlords to bring these spaces up to the minimum standards of the New York City building code for residential occupancy, i.e., to "legalize" the buildings. The New York City Loft Board, the agency charged with the responsibility to oversee the legalization process of IMD buildings:
tracks the progress of landlords in physically converting IMD buildings from commercial/manufacturing use to residential use and mediates disputes between landlords and tenants concerning renovation plans;
adjudicates two dozen types of disputes that may arise between landlords and tenants during the legalization process, and
prosecutes landlords who fail to
1) comply with the legalization deadlines,
2) annually register the building with the loft board,
3) maintain minimum housing standards in their IMD buildings, or
4) otherwise violate the Loft Law and/or Loft Board rules.