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NY S05044
Bill
Status
Introduced
4/29/2015
Primary Sponsor
Tony Avella
Click for details
AI Summary
- Adds two new sections to the New York City Charter requiring municipalities in cities of one million or more to compensate property owners when rezoning or constructing municipal buildings impacts residential neighborhoods
- Requires municipalities to pay property owners three times the difference between the sale price and prior market value (as shown on the last property bill before the rezoning or construction) if the purchase price is lower than the pre-action market value
- Applies rezoning compensation requirement to properties in R1, R2, R3, R4, or R5 zones that were previously rezoned within the past 15 years, excluding properties in existing commercial overlays
- Applies municipal building compensation requirement to properties in R1, R2, R3, or R4 districts that abut a municipal building constructed by the municipality
- Takes effect immediately upon enactment
Legislative Description
Relates to rezoning and municipal building impacts in New York City.
Last Action
REFERRED TO CITIES
1/6/2016
Committee Referrals
Cities4/29/2015
Full Bill Text
No bill text available