What is the purpose of Local Law 63?

Local Law 63 primarily serves to establish the Real Property Income and Expense (RPIE) requirement, which mandates certain property owners to submit detailed income and expense information to the NYC Department of Finance. This data collection plays a vital role in improving the accuracy of property assessments and ensuring that the city has a comprehensive understanding of the financial performance of different properties. By requiring property owners to report this information, the law aims to enhance transparency and fairness in property taxation, ultimately helping to ensure that property assessments reflect the actual income-generating capabilities of the properties.

The other options, while related to the broader context of property management and regulation, do not capture the specific intent of Local Law 63. For instance, regulations regarding open space usage, guidelines for property assessments, and zoning laws for commercial properties pertain to other legislative frameworks or regulations that govern different aspects of land use and property valuation in New York City.