Disclosure of information regarding buyout agreements.

A Local Law to amend the administrative code of the city of New York, in relation to the disclosure of information regarding buyout agreements.

This bill would provide that, where owners of rent-regulated apartments enter into “buyout agreements” with their tenants, those agreements must be filed with the Department of Housing Preservation and Development (HPD) within 45 days of execution. A buyout agreement is an agreement where the owner pays the tenant money to vacate his or her apartment. Failure to file the agreement would result in a civil penalty of $100 per day for every day that the buyout agreement is not timely filed. The bill would also require that HPD annually report to the Mayor and Council information concerning filed buyout agreements.