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NY A07986
Bill
Status
6/4/2021
Primary Sponsor
Deborah Glick
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AI Summary
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Amends the Real Property Tax Law to allow cities with populations of one million or more to authorize tax abatements on properties formerly subject to Article II of the Private Housing Finance Law
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Expands the definition of "dwelling unit" to include units formerly subject to Article II of the Private Housing Finance Law that meet conditions established in the new subdivision
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Permits tax abatements for properties with dwelling units where the qualifying head of household or successor in interest has a signed agreement limiting rent increases to amounts established by the rent guidelines board for the lifetime of the tenancy
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Requires that rent increase limits comply with either the Emergency Tenant Protection Act of 1974, the Administrative Code of the City of New York, or another amount provided in the regulatory agreement
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Takes effect immediately upon enactment
Legislative Description
Authorizes tax abatements for certain properties in a city with a population of one million or more containing dwelling units in which the head of household or successor in interest has a signed agreement with the landlord to limit increases in maximum rent for the lifetime of the tenancy to an amount established by the rent guidelines board in its annual guidelines for rent adjustments for housing and is otherwise eligible for such tax abatement.
Last Action
substituted by s6903
5/23/2022