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
S00119 would require limited liability companies that own rent-regulated housing accommodations to disclose their beneficial owners when filing rent registration statements with the state Division of Housing and Community Renewal. The bill amends both the Emergency Tenant Protection Act of 1974 and New York City’s rent registration provisions so that an LLC owner must provide a list of all beneficial owners and the proportion of each owner’s interest in the company. The bill defines “beneficial owner” broadly to capture individuals who directly or indirectly hold equity or exercise practical control over the entity’s funds, assets, management, or direction.
The measure is aimed at increasing transparency in the ownership of rent-regulated housing, particularly where property is held through shell companies or layered ownership structures. It would add disclosure requirements on top of existing rent registration obligations and apply immediately upon enactment, with the New York City amendment tied to the underlying expiration date of the city law it modifies.
Impact
The bill would amend state rent-registration law and the New York City rent-registration code to require additional ownership disclosures from LLC landlords. In practice, this would affect owners of rent-regulated housing accommodations organized as limited liability companies, requiring them to identify beneficial owners and ownership percentages in filings with DHCR. The change would expand the information available to regulators and potentially to enforcement efforts involving rent regulation, ownership transparency, and compliance monitoring.
Sentiment
The bill appears to have generally favorable support, as reflected in committee and floor votes that advanced it by clear majorities. The Senate Housing, Construction and Community Development Committee approved it 8-3 in 2025 and 9-1 in 2026, and floor votes also passed with 39-21 and 38-21 margins. The voting pattern suggests broad support for transparency in housing ownership, though not unanimous.
Contention
The main point of contention is likely the burden and privacy implications of requiring LLC landlords to disclose beneficial ownership information. Supporters would view the bill as a transparency and accountability measure to identify the real people behind corporate landlords, while opponents may argue it imposes additional compliance costs, could expose private ownership information, and may be duplicative of existing reporting requirements. The split votes indicate some resistance, likely from members concerned about regulatory expansion or impacts on property owners and housing operators.
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.