Mayoral front-runner Bill de Blasio did not inform the city Conflicts of Interest Board of the tens of thousands of dollars in rental income he received in recent years, Crain's has learned.
City law states that elected officials must disclose income from real estate rents, but forms Mr. de Blasio has filed annually dating back to his days as a City Council member show none since at least 2007 for a rental property he and his wife own in Park Slope, Brooklyn. His 2011 tax return shows $47,500 in rental income offset by $62,200 in deductions for the property, where the candidate's late mother once lived.
A campaign spokesman argued that because there was no net income, the rental proceeds did not need to be reported to the conflicts board. But the city administrative code states that lawmakers are required to report "any income of $1,000 or more from each source derived during the preceding calendar year." It also states that "real estate rents shall be reported with the source [tenant] identified by the building address."
The de Blasio campaign later pointed out that the candidate did disclose ownership of the two-family property on his financial disclosure form, although the address is redacted.
In 2004, Mr. de Blasio, his wife, Chirlane McCray, and his mother, Maria Wilhelm, purchased a two-family home at 384 11th St. in Park Slope, down the block from the couple's primary residence. The New York Times has reported that Mr. de Blasio moved his mother to the house. She died in 2007, and the home is now owned by Mr. de Blasio and Ms. McCray, records show.
Mr. de Blasio's 2011 tax return, which he previously made available to reporters, offers detailed information on Schedule E about the rental property and payments, but the piece of the 2012 return he made public did not include Schedule E and does not list rental income.