The New York City Council recently passed a controversial new law, Int. No. 730-A, which amends Title 26 of the City of New York’s Administrative Code to add a new Section 10 entitled “Housing Development Project Reporting Requirements.” This new law includes several new policies in relation to the disclosure of information regarding certain construction projects, much of which will pose significant administrative burdens on New York City’s Department of Housing Preservation & Development (HPD) and its developer partners. For instance, the law imposes quarterly wage reporting requirements covering each individual employed by or performing work for the developer or any “covered contractor”. The new law also requires that HPD publish a list of “prequalified” and “disqualified” developers and a list of any housing development projects assisted in whole or in part by city financial assistance on its website. Int. No. 730-A also stipulates that if any developer fails to provide any of the aforementioned information, it will be placed on the “disqualified” list.

UPDATE: On Friday August 24, Mayor Bloomberg vetoed Intro 730-A which would have taken effect on January 1, 2013. While this is a promising, the New York City Council could still override the Mayor’s veto.

Click here to read Int. No. 730-A.