S6691A

The New York State Senate passed legislation sponsored by Sen. Cordell Cleare to amend the Emergency Tenant Protection Act of 1974, addressing what advocates describe as a critical transparency gap in residential real estate. The bill, which passed 42-20 on a roll call vote, targets the use of complex limited liability company structures that have allowed building owners to conceal their identities while properties fall into disrepair, preventing government agencies and tenants from identifying responsible parties. Sen. Cleare argued that the measure is essential to combat deregulation schemes and extreme profiteering by investors, emphasizing that transparency serves no purpose other than accountability. "The good actors in the housing space have no problem telling us who they are," Cleare said. Sen. Krueger supported the measure, noting that transparency requirements are standard for most New York businesses and that closing the LLC loophole is long overdue. Twenty senators voted against the bill, primarily from the Republican conference.