Creating a land bank.

Subject to the approval of the New York State Urban Development Corporation, this bill would establish a land bank for New York City, which would have a board comprised of the mayor or their designee; the commissioner of finance or their designee; the commissioner of housing preservation and development or their designee; three persons appointed by the speaker of the council; and one person appointed by the mayor with the advice and consent of the council. The land bank would be empowered under state and local law to purchase tax liens from the city and to enforce such tax liens in accordance with policies and procedures intended to promote the goals of collecting outstanding revenues of the city; preserving ownership and equity interests in homes; preventing the displacement of residents from their dwellings; promoting proper and effective management of multiple dwelling residents; and preventing recidivism among properties with tax liens.