The Real Deal New York

De Blasio didn’t disclose years of income from Park Slope pad

October 21, 2013 09:20AM

Mayoral front-runner and Public Advocate Bill de Blasio failed to properly report tens of thousands of dollars in annual rental income. City law dictates that elected officials must disclose any rental income, but de Blasio’s filings with the city’s Conflicts of Interest Board since at least 2007 do not disclose the income on a Park Slope rental property that he owns.

His 2011 tax returns, however, show $47,500 in rental income from the property, at 384 11th Street, Crain’s reported, offset by total deductions on the property of $62,200.

A spokesperson for the de Blasio campaign told Crain’s that as there was no net income on the property – indeed, it had lost $10,700 due to depreciation and mortgage loan interest — de Blasio wasn’t required to report the rental income to the conflicts board. But, in fact, the city’s administrative code stipulates that elected officials are required to report “any income of $1,000 or more from each source derived during the preceding calendar year.”

The property has jumped in value to $1.1 million from $612,000 when de Blasio and his mother bought it in 2004, according to public records seen by Crain’s.

Both de Blasio and Lhota pay relatively little in property tax as compared to many New Yorkers who own cheaper homes. [Crain’s]Hiten Samtani

  • TonyJames

    Let’s leave this guy in some social office in Brooklyn where he belongs and not in Gracie Mansion in the second most important job in the country.

  • Kay Kay

    Who cares!!!! Like Really???

    • no-permits

      if this were bloomberg, you’d probably call him a criminal.

      • guest

        but since its de blassio LETS GET HIM!!! hes pro mandatory inclusionary zoning (aww shucks it would just be easier to just send all those people who make less then 70 K to a little island :( ) wants to help the avg joe with rent stabilization , Evil!!! hes also looking to decease the gap between poor and rich – Terrible!!!, now even though bill made zero net income on this property lets attack him so more people will vote Lhota…

  • new yorker

    Bill Deblasio lives in a legal two family home, that he converted to a
    one family home without the benefit of approved plans or permits from
    the NYC Buildings Department. Another example of how he doesn’t feel laws apply to him

  • ralph

    de Blasio has a double standard: one for himself; one for the rest of us. He is an idiot and if elected, NYC will be as full of crime as Rahm Emmanuel’s Chicago is. After Obamacare has screwed up my health insurance – I’m self-employed and therefore will lose my PPO plan and will be forced into a gate-keeper HMO with no nationwide list of doctors to use, I am voting straight Republican for the rest of my life. de Blasio is just another soft in the head liberal and should be holding office in a Central American Banana Republic rather than disgracing NYC.