Predatory Equity Bill creates “Speculation Watch List” to track rent-regulated properties bought by potentially predatory investors and target those properties for increased tenant support and monitoring to prevent displacement
Mayor Bill de Blasio announced that the Predatory Equity bill, which will help curb speculation and displacement in fast-changing neighborhoods, has become law. Under Intro 1210-A, sponsored by Council Member Ritchie Torres and former Council Member Dan Garodnick, the City’s Department of Housing Preservation and Development will publish a “Speculation Watch List” that identifies recently sold, rent-regulated buildings where tenants are at risk of displacement due to potentially predatory investors. The City can then target those buildings with tenant legal support and closer monitoring to protect tenants.
“Protecting New York tenants and affordable housing is a top priority. This legislation means we will, for the first time, shine a bright light on rampant speculation and greedy landlords who buy residential buildings with the goal of pushing New Yorkers out of their homes. This bill can stop tenant harassment in its tracks,” Mayor Bill de Blasio said.
The legislation requires that HPD publish the first list within 10 months. It will serve as a resource for tenants and tenant organizations, as well as an indicator for City and State agencies of possible tenant harassment patterns.
The listings, which will be updated quarterly on the City’s OpenData portal, will be triggered when buildings sell at much higher than expected prices, an indicator that new landlords expect to drastically raise rents and potentially harass tenants. This new measure is the latest in a series of efforts to protect tenants from harassment and displacement and comes on the heels of Mayor de Blasio releasing Housing New York 2.0, an accelerated and expanded plan to build or preserve 300,000 affordable homes by 2026.
“We need every tool in our arsenal to keep New Yorkers in their homes and safeguard the affordability of our neighborhoods. This new Speculation Watch List uses data to capture the signs of potential harassment and distress, and help protect residents from the threat of predatory investment,” said Housing Preservation and Development Commissioner Maria Torres-Springer. “We thank Mayor de Blasio, City Council Member Ritchie Torres and former Council Member Dan Garodnick, and the many housing advocates who partnered with us to develop this innovative new tool to root out harassment before it starts.”
“This Watch List adds an important new tool to help us keep New Yorkers stably housed,” said Regina Schwartz Director of the Mayor's Public Engagement Unit. “Increasing our knowledge of where tenants may be harassed or unlawfully evicted will help the City ensure that resources and protections for tenants are accessible to those who need them most.”
