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New LLC law draws confusion and ire of industry

Credit: New York State Senate

The sweeping law that outlaws anonymous LLCs was reportedly only intended for owners of “residential real property containing one- to four-family dwelling units.” However, guidance issued on September 27th by the state Department of Taxation and Finance specified that it included residential condos, according to TRD.

  • Worth Noting: Politicians who introduced the legislation were taken aback by this development because they presumed it only applied to properties with one to four units… The bill was designed to tackle the problem of abandoned homes in the Hudson Valley.
  • What’s next: Public agencies are remaining mum about how this all happened, and the real estate industry is trying to reverse the measure. With so much focus on the recent changes to the rent law, it appears the bill went largely unnoticed.
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