Hoylman and Epstein call for more transparency in real estate lending

State Senator Brad Hoylman and Assembly Member Harvey Epstein at a rally on Sunday, held in front of a Jared Kushner-owned property on East 12th Street (Photo by Maria Rocha-Buschel)

By Maria Rocha-Buschel

State Senator Brad Hoylman and Assembly Member Harvey Epstein hosted a rally in the East Village on Sunday to slam local predatory landlords and to announce a bill calling for more transparency in real estate lending.

The rally was held in front of a building owned by presidential son-in-law and accused slumlord Jared Kushner, Westminster City Living at 504 East 12th Street.

At the event, the elected officials announced the joint legislation that will direct the New York State Department of Financial Services to collect data on financial institutions lending to landlords acquiring property that include rent-stabilized tenants and investigate the role financial institutions play in encouraging anti-tenant practices.

The legislation argues that predatory equity has destabilized rent regulation and the affordable housing market in the city. The practice of predatory equity involves landlords acquiring rent-regulated properties with low to moderate-income tenants through highly speculative loans and then attempting to harass those tenants out to replace them with those who’ll pay market rent.

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