Friday, May 24, 2013

Press Release: R3 Launches Push to Close LLC Loophole


For Immediate Release: May 22, 2013
Contact: Karthik Ganapathy, kgredhorse@gmail.com(347) 881-3784 

Rent Reform Advocates release two policy memos on Tenant Day of Action 


ALBANY—Bringing together tenants, advocacy organizations, and community groups at a rally on the steps of the State Capitol Building, the Real Rent Reform Campaign today launched a push to restore integrity in New York elections by closing the so-called LLC loophole that allows wealthy real estate developers to skirt campaign finance laws. Releasing two policy memos outlining how real estate barons like Leonard Litwin of Glenwood Management have exploited the loophole to flood our elections with millions of dollars in extra political contributions, the R3 Campaign pressured lawmakers in Albany to close the loophole as part of legislation to reform campaign finance laws.

“It is unconscionable for state leaders to ignore this issue, and continue allowing wealthy real estate barons to drown out the voices of actual voters,” said Jaron Benjamin, a spokesman for the Real Rent Reform Campaign. “Nothing less than the integrity of our entire electoral process is at stake—so we are calling on Governor Cuomo, Assembly Speaker Silver, and Senate Majority Leader Dean Skelos to do right by the people of this state and fix this oversight once and for all.”

The so-called ‘LLC loophole,’ unique to the real estate industry, allows property owners in New York State to establish separate limited-liability corporations for each of their properties, and then contribute the legal maximum of $150,000 to political campaigns with each one.

For more information, read the full policy memos here: https://www.dropbox.com/sh/v2jng7b4fxdilez/j1hXJUYh19.

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