City Council bill aimed at penalizing BX realtors providing false information
City Council members held a hearing Monday to discuss a bill that would penalize real estate companies that try swindling homeowners to sell their property for less than face-value.
City Council members say many Bronx and city companies write predatory letters falsely informing residents, who are mainly senior citizens or of low-income households, their area is scheduled to be downzoned and the property value will plummet. Officials say seniors fear they will lose out on their most important possession and what they have vested their life savings on.
Council members say they are calling for the offense to be a misdemeanor with up to one year in prison and a $1,000 fine. If the bill is not passed by December 31, members say they will have to re-introduce the bill in 2006.