Blog about NYC real estate by NYC Broker Mitchell Hall. Homes, architecture, neighborhoods, new developments, market reports, trends and more...

Anti HDFC Shareholder Law - Stop Local Law 64


The HDFC community is facing a new threat from City government, and the HDFC coalition needs your help to win. HDFC shareholder/owners need to work together to defeat Local Law 64 of 2018, also known as the new “Housing Portal” law.  
The City Council passed Local Law 64 of 2018 to force big developers to register new affordable rental units, but somehow every individual HDFC apartment owner got caught up in it along the way, and next year HDFCs could face fines up to $2,000 a month for not complying with the law.
If not amended, starting in July of 2020 Local Law 64 will: 
  • Require every HDFC apartment owner to register their apartment each year on a website run by HPD, and to list their apartment again when it is offered for sale or rent. 
  • Cause HDFC apartment owners to receive as many as 1,000 of applications or more through the HPD website if selling your apartment, and risk being sued for not replying to each application, according to HPD. 
  • Allow HPD to fine shareholders from $100 to $2,000 per month for failing to list their apartment sometime after July 2020, when the HPD website is scheduled to be operational.  
  • Require all HDFC shareholders to comply, including those whom are elderly, may not use computers, may not communicate primarily in English, and cannot afford to pay such fines.
  • Invade your privacy and require shareholders to list their private homes on a government website.
  • Possibly cause banks to stop lending for HDFCs or make it more difficult to get a loan or a mortgage. 

Contact these Council Members:
Your local NYC Council Member, for the district where you live.
Find your local Council Member’s contact info here:

When buying or selling an HDFC Coop it is important to use an experienced HDFC broker that understands the rules, restrictions and nuances of HDFC coops. If you would like more information about selling your HDFC coop please contact me.

No comments

All related comments are welcome. Spam will be deleted.

Powered by Blogger.