Bill > A02020

This bill amends the Emergency Tenant Protection Act of 1974 to regulate buyout agreements between landlords and current tenants in rent-regulated apartments. Key provisions include: 1. Landlords must provide written buyout offers to tenants, including their contact information, the amount of money offered, and the reason for the offer. Tenants have 90 days to accept or reject the offer and are advised they can consult with an attorney. 2. Landlords are prohibited from engaging in certain harassing behaviors as part of the buyout process, such as providing false information, contacting tenants at their workplace without permission, or repeatedly contacting tenants after they have declined the offer. 3. Landlords must report details of executed buyout agreements to the Division of Housing and Community Renewal within 90 days, including the amount of money or other consideration exchanged, the remaining lease term, and other relevant information. 4. The Commissioner must submit an annual report to the legislature on the total number of buyout agreements executed, including the monetary amounts and remaining lease terms. 5. Penalties are established for landlords who fail to report required information or engage in prohibited harassment practices. The bill is intended to provide protections for tenants in rent-regulated apartments and increase transparency around the buyout process.