S119

The New York State Senate passed legislation to amend the Emergency Tenant Protection Act, with a vote of 40-21, requiring greater transparency in rental housing ownership. Sponsored by Sen. Cleare, Senate Print 119 (Calendar 165) targets the use of complex limited liability company structures that obscure the beneficial owners of residential buildings. During floor debate, Cleare argued the measure is essential to combat investor schemes designed to acquire rent-stabilized buildings for deregulation and profit. She cited the high-profile example of Tishman Speyer's acquisition of Stuyvesant Town-Peter Cooper Village, which resulted in a $2 billion loss and bankruptcy filing. Cleare stated that the legislation promotes accountability and transparency, noting that legitimate housing operators have no objection to disclosure requirements. The bill received support from 40 senators, while 21 opposed it. The measure takes effect immediately upon passage.