Requires that any limited liability company who files a rent registration statement shall include a list of all members of such limited liability company and each member's ownership interest.
Summary
This bill would require limited liability companies that own rent-regulated housing accommodations to disclose the identities of all beneficial owners and the proportion of each owner’s interest when filing rent registration statements with the New York State Division of Housing and Community Renewal. It applies both to registrations under the Emergency Tenant Protection Act and, separately, to the New York City rent registration provisions in the Administrative Code. The bill defines “beneficial owner” broadly to capture individuals who directly or indirectly own equity or exercise practical control over the entity’s funds, assets, management, or direction.
The measure is aimed at increasing transparency in ownership of rent-regulated housing, particularly where LLCs are used to hold property. By adding beneficial-owner disclosure to existing registration requirements, the bill would expand the information available to state housing regulators and, in New York City, to the agency administering rent registration. The city-code amendment is temporary and would expire with the underlying rent law, while the state-law amendment would take effect immediately.
Impact
The bill would amend the Emergency Tenant Protection Act of 1974 and Section 26-517 of the New York City Administrative Code to add a new disclosure obligation for LLC owners of rent-regulated housing. It would require submission of a list of all beneficial owners and each owner’s proportional interest, supplementing existing rent registration data. The practical effect would be to impose additional reporting duties on LLC landlords and provide DHCR with more detailed ownership information for enforcement, oversight, and public accountability purposes.
Sentiment
The available voting history suggests the bill has received meaningful support in committee, advancing 17-9 in the Assembly Housing Committee and 15-7 in the Assembly Codes Committee. That pattern indicates a generally favorable reception among supporters who likely view the measure as a transparency and tenant-protection tool. At the same time, the non-unanimous votes show that a substantial minority remained opposed or unconvinced.
Contention
The main point of contention is likely the burden and privacy implications of requiring LLCs to disclose beneficial owners and ownership percentages as part of rent registration. Supporters are likely focused on transparency, enforcement, and identifying the real parties behind housing entities, while opponents may argue that the requirement is duplicative, intrusive, or administratively burdensome for property owners. The broad definition of “beneficial owner” may also raise concerns about how far the disclosure obligation reaches, especially for layered ownership structures and indirect control arrangements.
Same As
Requires that any limited liability company who files a rent registration statement shall include a list of all members of such limited liability company and each member's ownership interest.
Requires that any limited liability company who files a rent registration statement shall include a list of all members of such limited liability company and each member's ownership interest.
Authorizes certain penalties to be assessed against members of a limited liability company and partners of a limited liability partnership or partnership.
Provides that for contributions that exceed twenty-five hundred dollars, when a campaign contribution is attributed to a limited liability company, such contributions shall be further attributed to each member of the limited liability company in proportion to the member's ownership interest in the limited liability company.
Provides that for contributions that exceed twenty-five hundred dollars, when a campaign contribution is attributed to a limited liability company, such contributions shall be further attributed to each member of the limited liability company in proportion to the member's ownership interest in the limited liability company.