Residential Unit Lease Act of 1979

Residential Unit Lease Act of 1979 - Declares the purpose of this Act is to establish a private right of action for residential owners of units in cooperative housing projects to prevent abuses in the long-term leasing of project-related facilities.

Exempts from the terms of this Act cooperative projects sold by a governmental unit, restricted to non-residential uses, or covered by the terms of the Condominium Act of 1979.

Allows the residential owners of a project's units, through a vote of two-thirds of the units unaffiliated with the project developer, to bring suit to void as unconscionable any lease which: (1) is a lease for real estate other than a residential unit but obligates a residential unit owner to pay rent directly or through an owner's association; (2) was entered into when the project developer was in control of the owner's association; and (3) had to be accepted or ratified by the owner or the association as a condition of purchase.

Sets forth standards for the courts in determining the unconscionability of such leases.

Creates a presumption of unconscionability against any such lease for more than 21 years, either by its terms or through renewal provisions, which contains an automatic rent increase clause and provisions shifting all obligations and liabilities associated with the maintenance and use of the property to the owners. States such presumption may be rebutted by clear and convincing evidence.

Renders specified automatic rent increase clauses unenforceable.

Declares this Act applies to leases regardless of their execution date but provides an exception for specified leases which, upon expiration, either terminate a cooperative project or reduce the number of units in a cooperative project.

Prohibits any class action for violations of this Act in which the plaintiff has not notified the owner's association of the suit or in which the owner's association in a pending suit is seeking to enforce the same rights.

Authorizes awards of attorney's fees and other costs.

Vests jurisdiction in the district courts of the United States to hear suits under this Act without regard to the amount in controversy.

Establishes a statute of limitations for suits to enforce this Act.