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Law to Protect Tenants of New York Foreclosure Homes

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By : John Cutts    99 or more times read
Many tenants in New York City are renting homes without meeting their landlords, and worse, without knowing who owns the houses they have been renting. Most tenants in the city just leave their checks for their monthly rental payments in mailboxes.

But all these could change with the bill introduced by Manhattan Council member Melissa Mark Viverito. Together with city housing lawyers and members of the Make the Road New York, Viverito announced her Multiple Dwelling Registration Bill which will give protection to tenants of New York foreclosure homes.

The proposed bill requires landlords to register the principal owners of rental properties with the city. Viverito pointed out that currently, the only way of communication between landlords and tenants are mailboxes.

She said that registration of primary owners of rental properties would pave the way to knowing who the primary owners are and hold them accountable. Under the proposed bill, landlords will be required to form limited liability corporations (LLC) and register all owners in multiple dwellings.

The registration requires the names and contact information of all owners, not limited only to those who have 25 percent share which is the threshold currently mandated by the city.

Also, the proposed bill wants multiple dwellings to be covered by the administrative code of the city, expanding the current coverage from buildings with single room occupancy.

According to industry experts, corporation officers and managing agents of rental properties are difficult to reach. They pointed out that ownerships of rental properties that are in foreclosures changed so fast that tenants are left with names that often do not have the authority or right to make decisions concerning the property.

Experts said that the confusion over property ownership makes it difficult for housing advocates and tenants to resolve or settle problems out of court.

Additionally, experts said that numerous unknown ownerships for multiple dwellings are really a problem for tenants because they do not know whom to approach especially when there are problems with maintenance and repairs.

Make the Road New York's Executive Director Javier Valdes said that the bill would help promote transparency and most importantly, protect low-income tenants especially those renting in foreclosed properties.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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