The Real Estate Board of New York to The New York City Council Committees on Consumer and Worker Protection and Aging regarding Deed Theft

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The Real Estate Board of New York (REBNY) is the City's leading real estate trade association representing commercial, residential, and institutional property owners, builders, managers, investors, brokers, salespeople, and other organizations and individuals active in New York City real estate. We appreciate the opportunity to submit comments in support of the legislative solutions offered in Intro 888 and Intro 901 to combat deed theft.

Deed theft is a scourge that has a particularly outsized impact on communities of color and disrupts the stability and benefits of homeownership to New Yorkers. Significant action has been taken over the last two years, led by the New York State Attorney General, to close gaps in enforcement authority and boost reclamation efforts by homeowners who were the victims of fraudulent behavior to steal their homes. REBNY supports local action to supplement this work.

BILL: Intro 888

SUBJECT: This bill would amend the administrative code to require disclosures of market value for unsolicited offers to purchase residential properties.

SPONSORS: Council Members Hudson, Brewer, Hanif and Williams

Intro 888 proposes a new disclosure document in residential sales transactions where the bid was unsolicited by the owner. The bill also establishes a fine structure of a civil penalty for each violation. If enacted, the law would take effect 120 days after.

This bill will create a necessary level of transparency in unsolicited purchase requests with the requirement for a disclosure of market value. We support the provision of written agreements in residential transactions and support this commonsense approach. The Department of Consumer and Worker Protection should create a standard form for the disclosure document.

BILL: Intro 901

SUBJECT: This bill would amend the administrative code to require the office of financial empowerment to provide assistance to homeowners.

SPONSORS: Council Members Riley, Restler, Brannan, Gutiérrez and Williams

Intro 901 will require the Office of Financial Empowerment in the Department of Consumer and Worker Protection to provide support and counseling to homeowners and their heirs on a variety of financial literacy topics such as mortgage counseling and estate planning.

We encourage the City Council to work with the Mayoral Administration to make sure such efforts are well funded and that courses are provided electronically and in the top ten languages of the city. REBNY also recommends that the pertinent City offices work with not-for-profit partners and industry groups like REBNY to provide opportunities to boost these educational offerings on a scale to reach as many communities as possible on a rolling basis.

Thank you for your consideration of these points.

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