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NY S02273
Bill
Status
1/15/2013
Primary Sponsor
Velmanette Montgomery
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AI Summary
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Requires developers to deposit 10 percent of the total estimated project cost into an escrow account before beginning any construction project in New York City.
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Establishes that developers are strictly liable for damage to neighboring properties and relocation expenses for displaced tenants, with claims paid from the escrow account.
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Mandates that all construction work must stop on a project if damage occurs to an adjoining property until repairs are completed.
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Requires the Department of Buildings to establish a claim procedure that resolves property owner and tenant claims within 60 days of filing.
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Returns unclaimed escrow funds to the developer six months after project completion; exempts property owners from fines for violations caused by construction damage on adjacent buildings.
Legislative Description
Requires developers to deposit a portion of the total estimated project cost into an escrow account for damage caused to neighboring properties during construction; provides that any work on a project shall be stopped until repairs are made on the adjoining property; provides that the New York city department of buildings shall develop a procedure whereby individuals who suffer damage as a result of the construction may be reimbursed within a period of sixty days.
Last Action
REFERRED TO CITIES
1/8/2014