Under Local Law 102 of 2019 (Buyout Agreement Law) owners who enter into a buyout agreement with a lawful occupant of their building, resulting in a tenant vacating the unit, must inform HPD about the terms of the buyout agreement. The term "buyout agreement" means an agreement where the owner of a dwelling unit exchanges money or other valuable consideration to induce any person lawfully entitled to occupancy of such unit to surrender or waive any rights in relation to such occupancy that results in the tenant vacating such unit.
HPD collects buyout agreement information on an ongoing basis and provides a report with certain information about the agreements to the Mayor and City Council annually (January 31 of every year).
Within 90 days after the execution of a buyout agreement for a dwelling unit, the owner of such unit must email HPD at email@example.com and electronically provide the following information:
An owner who is required to provide buyout agreement information under the Buyout Agreement Law and fails to do so may be subject to a civil penalty as provided in the law.
For any buyout agreement questions, please contact firstname.lastname@example.org.