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Local law · Int 0226-2024

Requiring owners of vacant residential properties undergoing foreclosure to post bonds for maintenance purposes

Official titleShow

A Local Law to amend the administrative code of the city of New York, in relation to requiring owners of vacant residential properties undergoing foreclosure to post bonds for maintenance purposes

The heading above is this same sentence with its legal opening removed. No words were added, changed or reordered.

Filed at end of sessionLatest action Dec 31, 2025

New York City Council

Sponsor

Robert F. Holden

Summary

This bill would require an owner of a vacant residential property undergoing foreclosure to provide a $5,000 bond to the Commissioner of Finance to address housing maintenance, building, and sanitation violations during vacancy and the foreclosure action. After an action concludes, the Commissioner would have to return unused funds to the owner upon request. If the owner fails to provide a bond, the Commissioner would have to send a demand to the owner to provide one; if an owner fails to provide a bond within 30 days, the owner would be subject to a $200 daily penalty. If the Commissioner uses the bond, the Commissioner would have to send the owner a demand for restoration. If the owner fails to restore within 30 days after the Commissioner’s first demand, the Commissioner would have to send a second demand, triggering 30 additional days for restoration; if the owner does not restore within these 30 days, the owner would be subject to a $200 daily penalty.

Summary from NYC Council (Legistar). How we handle summaries

Introduced at the request of the Queens Borough President.

From the NYC Council's legislative record (Legistar) and official rosters. This record was last updated Sep 7, 2026. About our data

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Where it stands

The session ended before it was voted on. It was not defeated; it simply ran out of time, which is what happens to most legislation. It would have to be reintroduced.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted
Filed at end of session

Committee

Committee on Housing and Buildings

Cosponsors

Nantasha M. Williams, Vickie Paladino and 1 other

Cosponsors in the order the New York City Council lists them.

  • Republican2
  • Democratic1

This bill has cosponsors from more than one party.

Shown in neutral colors by design; Agora is non-partisan.

Full history

  1. Dec 31, 2025

    Filed

    This Introduction was Filed (End of Session)

    NYC Council

  2. Feb 28, 2024

    Introduced

    This Introduction was Introduced by Council

    NYC Council

  3. Feb 28, 2024

    Referred to committee

    This Introduction was Referred to Comm by Council to the Committee on Housing and Buildings

    NYC Council