NYC to Pay $60M Settlement Over 64 Properties Seized for Unpaid Debts

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New York City has agreed to a $60 million settlement with owners of 64 properties that were seized under its Third Party Transfer (TPT) program due to unpaid taxes and other debts. The settlement resolves a class-action lawsuit in which property owners alleged they were not given fair compensation when their properties were taken. The TPT program, which allowed the city to transfer distressed properties to third parties, faced widespread criticism over its handling of owner rights. Mayor Zohran Mamdani's administration is now weighing a potential revival of the program, though with significant reforms in place.

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