NYC Mayor Michael Bloomberg Signs New Owner Disclosure Law
On September 8, 2010, New York City Mayor Michael Bloomberg signed a new law that will require owners of multiple dwellings to provide the New York City Department of Housing Preservation & Development (HPD) with their names, business and residential addresses and telephone numbers on an annual basis. The law also requires all shareholders who hold at least 25% of a corporation, partnership or limited liability company to comply with the disclosure requirements as well. Finally, the law mandates that a U.S. postal service mail box can not be used as a valid address.
Mayor Bloomberg praised the law noting that it will be easier for HPD and tenants to contact landlords in instances of housing and building violations. Not surprisingly, however, building owners are opposed to the new law arguing that it is unnecessary in light of existing and less onerous registration requirements.
The new law will take effect on January 31, 2011, however, it may take at least six months for HPD to implement the new database, according to the Real Deal.