Creating a program for evaluation of certain multiple dwellings and transactions to establish a speculation list.

A Local Law to amend the administrative code of the city of New York, in relation to creating a program for evaluation of certain multiple dwellings and transactions to establish a speculation list.

This bill would require the Department of Housing Preservation & Development (HPD) to create a publicly available “watch list” of rent-regulated buildings where, based on several factors, tenants might be at risk of being displaced. Buildings on the watch list may be prioritized for HPD preservation programs or initiatives. An example of a factor indicating a displacement risk would be a low “capitalization rate,” which indicates that a developer purchased a property for more than market value and might suggest that the developer plans to displace current tenants to transition the property to a more lucrative use.