NY S00017

Authorizes cities, towns, and villages to adopt local laws providing tax abatements on rental properties when rent exceeds one-half of household income for seniors age 62+ with household income not exceeding $70,000 per year.

Tax abatement amount limited to the portion of rent increase that causes maximum rent to exceed one-half of combined household income.

For seniors with disabilities, tax abatement eligibility capped at the maximum income threshold for federal Supplemental Security Income (SSI) benefits.

Authorizes cities with populations of 1 million or more to provide rent increase exemptions for qualifying seniors, with property tax exemptions for housing companies equal to rent increases actually credited to eligible households.

Takes effect immediately, with provisions surviving expiration of the underlying real property tax law section.