Updated 02/15/2012 11:55 PM
Mayor Expected To Sign Foreclosure Notification Bill Into Law
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Mayor Michael Bloomberg is set to sign on Thursday a new law designed to help tenants and neighborhoods affected by foreclosure.
The bill requires banks to notify the city within 15 days of when properties are being foreclosed upon.
It is designed to make sure these buildings are taken care of, since many still have people living in them.
One tenant of a building under foreclosure in Dikeman Street in Red Hook, Brooklyn told NY1 when the property fell into foreclosure, the landlord took off.
City Council Speaker Christine Quinn introduced the proposal in her 2011 State of the City address, saying it goes a long way to help tenants and ensure speculators do not take advantage of vulnerable New Yorkers.