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.