City passes new identity disclosure rules for residential landlords

New York /
Aug.August 26, 2010 10:00 AM

New York City landlords must now register the names of all individuals with 25 percent or greater ownership stakes in the corporations that own their residential buildings, according to new legislation passed unanimously by the City Council yesterday. They will also have to register a brick-and-mortar office location with the city, as opposed to providing an address of a mail handling facility. The new law is intended to crack down on so-called “phantom landlords,” who hide behind corporate entities and make it difficult for their tenants to track them down, Crain’s reported. Tenants in many rundown equity-owned buildings have in recent years “struggled to get negligent landlords to make necessary repairs and provide essential services,” said David Hanzel, the deputy director of the Association for Neighborhood and Housing Development, in a statement. But the new law will give such tenants “access to the names and contact information of the principal partners of these corporate entities that are increasingly the owners of our city’s residential buildings,” Councilwoman Melissa Mark-Viverito said. [Crain’s]

 

Related Articles

arrow_forward_ios
(Photo Illustration by Steven Dilakian for The Real Deal with Getty)
Mortgage applications surge 25% in the new year as interest rates drop
Mortgage applications surge 25% in the new year as interest rates drop
Home Sales, Housing Market, Redfin, Concessions
With buyers holding the cards, more sellers sweeten resi deals
With buyers holding the cards, more sellers sweeten resi deals
From left: Bruce Teitelbaum and Kristin Richardson Jordan along with the site of a rejected housing development on 145th Street and Lenox Avenue in Harlem (Getty, Google Maps)
Pol who sank Harlem housing project rallies against truck lot on property
Pol who sank Harlem housing project rallies against truck lot on property
Benjamin Franklin overlaid on top of a house
C.R.E.A.M.: Cash rules everything around (the) market
C.R.E.A.M.: Cash rules everything around (the) market
(Photo Illustration by The Real Deal with Getty)
Deep freeze: Luxury home sales suffer biggest hit on record
Deep freeze: Luxury home sales suffer biggest hit on record
(Getty)
Pending sales dip to second lowest on record
Pending sales dip to second lowest on record
Home prices chilled for fourth month in October
Home prices chilled for fourth month in October
Home prices chilled for fourth month in October
From left: Blackstone's Stephen Schwarzman and KKR's Henry Kravis (KKR, Getty, Blackstone)
Wall Street has $110B for homebuying spree
Wall Street has $110B for homebuying spree
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...