Filing information regarding buyout agreements.

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

This bill would require that, where owners of apartments enter into “buyout agreements” with their tenants, the owners must electronically submit certain information about the terms of the agreement to the Department of Housing Preservation and Development (HPD) within 90 days of execution. A buyout agreement is an agreement where the owner pays the tenant money to vacate his or her apartment. Failure to submit this information would result in liability for a non-hazardous violation under section 27-2115 for the owner. The bill would also require that HPD annually report to the Mayor and Council information collected about buyout agreements