NY S01550

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 residential zones (R1-R5) that were previously rezoned within the past 15 years.

Compensation equals three times the difference between the property's sale price and its market value on the last property tax bill before the subsequent rezoning, if the sale price is less than the assessed market value.

Exempts properties in existing commercial overlays within R1-R5 zones from rezoning compensation requirements.

Requires municipalities to pay property owners three times the difference between sale price and pre-construction market value when constructing municipal buildings adjacent to R1-R4 residential districts, if the sale price is below assessed market value.

Takes effect immediately upon enactment.