Bad news for slumlords

New York City Council member James Vacca sponsored the Bad Actors Bill to crack down on slumlords.  This new piece of legislation will require developers and landowners to have their permits reexamined to make sure they do not owe more than $25,000 in fines, taxes, or fees to the city.  The slumlords must pay these fines or at least establish a payment plan with the city before they can start building again.  The New York City Building Congress is against the bill because they believe it will destroy job opportunities in the midst of the economic recovery.  Moreover, the NYBC believes there are other ways to accomplish these tasks that will have less of an impact on the economy.

Courtesy of Google Images

This is definitely a critical time for the economy, and it important of understand how the developers will react before moving forward with the bill.  It is not worth risking the recovery to crack down the slumlords who have not paid their taxes on time.