Sherwin Belkin, a BBG Partner, was quoted in The Real Deal article titled “Hochul Amends Rent Bill, Sparing Landlords from ‘Disaster.'”
The amendment mandates a court to establish that an owner “knowingly” committed fraud. Sherwin Belkin stated, “The measure still expands the definition of fraud. However, it remains damaging to the real estate industry. I think it creates liabilities that were not there before. Adding the word ‘knowingly’ helps, but it still changes the dynamic significantly.”
Additionally, he indicated that “the amendments also remove a provision that would have resulted in chaos and endless litigation.” The original bill required owners who deregulated their buildings decades ago through substantial rehabilitation to prove that it was done legally.
For more information on the topic, read NYS Legislature Introduces Amended Bill But Remains Troublesome.