Ken Fisher discusses the need for New York real estate companies to update their data security and privacy practices and procedures in the Brooklyn Barrister. Recent high-profile real estate industry data breaches has brought attention to this issue, however the adoption by the City Council of the Tenant Data Privacy Act on May 28, 2021, Local Law 63 of 2021, makes it necessary for owners, managers and support providers to take action.
Under the new law, landlords are prohibited from using the data to harass tenants and must remove, anonymize, or destroy the information within 90 days and within 90 days after a tenant moves out, unless the information is needed for stopping illegal activity. Owners are also obligated to provide tenants with “plain language” privacy policies, ensure security safeguards are in place, and are prohibited from selling data.
Although the law is already in effect, owners will not be liable for a violation until January 1, 2023, allowing owners to make the necessary replacements/upgrades to their systems.
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