Bill > S00119

This bill requires that when a limited liability company (LLC) files a rent registration statement for a housing accommodation, it must now include a comprehensive list of all beneficial owners and their respective ownership interests. A "beneficial owner" is defined as an individual who directly or indirectly owns an equity interest in the entity or has a significant level of control over the entity's funds and assets, enabling them to manage or direct the entity's operations. The bill amends both the Emergency Tenant Protection Act and the Administrative Code of the City of New York, mandating that LLCs provide this additional ownership information when registering rental properties with the state Division of Housing and Community Renewal. This new requirement is intended to increase transparency in property ownership by revealing the actual individuals behind LLC-owned rental properties, supplementing the existing data already required in rent registration submissions. The amendments will take effect immediately, with a specific provision for the city administrative code section to expire on the same date as the current law.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S119