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New York, NY Rental Property Rules: Cash-for-Keys Agreements (2026)

Some Restrictions
Compiled from the official code textEditor Martyn O'NeillLast verified August 2026

Key Facts

Filing deadline
90 days after execution
Filed with
Dept. of Housing Preservation & Development
Applies to buyouts from
July 1, 2020 onward
Late-filing penalty
$50-$150 plus $25/day
Enacting law
Local Law 102 of 2019

Summary

Landlords who pay a tenant to vacate under a cash-for-keys buyout deal must electronically file the agreement's terms with HPD within 90 days of signing, reporting the owner's name, unit address, payment amount, and execution date.

Within 90 days after the execution of a buyout agreement for a dwelling unit, the owner of such unit must electronically provide the following to the department...: 1. The name of the owner; 2. The address of the dwelling unit that is the subject of the buyout agreement; 3. The amount of money or...consideration agreed upon in the buyout agreement...; 4. The date that the buyout agreement was executed; and 5. The amount of time, in months, remaining in the lease for the subject dwelling unit...

Source: NYC Admin Code §27-2005 (Anti-Harassment)View official code

Full Breakdown

NYC's buyout agreement law covers any deal where an owner pays money or other consideration to get a tenant to give up occupancy rights and move out. For every such agreement signed on or after July 1, 2020, the owner has 90 days to electronically report it to the Department of Housing Preservation and Development, including the payment amount, unit address, execution date, and months left on the tenant's lease. HPD compiles the filings into an annual public report by census tract.

Violations & Fines

Missing the 90-day HPD filing deadline is a non-hazardous Housing Maintenance Code violation: $50-$150 per violation plus $25 per day until the buyout agreement is filed, under Admin Code §§ 26-2405 and 27-2115.

Frequently Asked Questions

Does NYC ban cash-for-keys buyout offers to tenants?
No. NYC does not ban buyout offers. But once an owner and tenant sign a buyout agreement, the owner must file its terms with HPD within 90 days.
What has to be reported after a buyout deal?
The owner's name, the unit's address, the money or other consideration paid, the date signed, and the months remaining on the tenant's lease.

Sources & Official References

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