The New York state tax department unhinged the real estate industry by requiring that LLCs list the names and individuals with ownership interests in condo deals and sales of one- to four-family homes across the state.  The law, designed to address building and zoning violations, makes the names of owners public under the state’s Freedom of Information Law.

But facing opposition from the real estate community, the tax department walked back the law, saying that the new disclosure law was limited to those who own one- to four-family homes and eliminated condominiums.

In the tax department’s words:  “The department’s initial understanding of the new law was generated based on the agency’s preliminary reading of the bill language and how it interacted with other relevant sections of the law. Since that time, the bill sponsors have clarified their intent.”