Chair Ung provides background on NYC Land Bank under Local Law 56 of 2026
Ung explains the Land Bank's seven-member board, real estate experience requirements, mission to preserve homeownership and prevent displacement, and the working group's task to seek state approval for establishment. Board members serve four-year terms without pay.
By the letter dated August 7, 2026, and pursuant to Local Law 56 of 2026, Mayor Mandani requested the Council's advice and consent regarding his nomination of DEP Commissioner Lisa Garcia to be a member of New York City Land Bank's Board of Directors.
Local Law 56 of 2026 provides that upon the approval of New York State Urban Development Corporation, the City of New York will establish a land bank.
There will be seven members of the Board of Directors of the land bank, unless adjusted in accordance with its bylaws.
A member of the Board of Directors must have appropriate experience with real estate and be a resident of New York City throughout their service on the board.
The land bank will seek to preserve the ownership and equity interests of homeowners, prevent the displacement of residents from their dwellings, and promote the productive use of tax-for-clothes, vacant, and abandoned properties to meet the needs of the surrounding communities and city.
In conjunction with the enforcement of tax liens, individuals initially appointed to the Board of Directors shall serve as a working group to prepare a necessary application for New York State Urban Development Corporation's approval of the establishment of a land bank.
Members of the Board of Directors for a land bank serve a four-year term without pay.