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NY S06903
Bill
Status
12/15/2022
Primary Sponsor
Brian Kavanagh
Click for details
AI Summary
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Amends the Real Property Tax Law to allow cities with populations of one million or more to provide tax abatements on real property formerly subject to Article II of the Private Housing Finance Law
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Extends the definition of "dwelling unit" to include units formerly subject to Article II of the Private Housing Finance Law that meet conditions specified in the new subdivision
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Authorizes tax abatements for properties containing dwelling units where the head of household or qualifying successor in interest has a signed agreement limiting rent increases to amounts established by the rent guidelines board or other amounts in the regulatory agreement
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Requires the dwelling units to be subject to a regulatory agreement with a federal, state, or local governmental entity or instrumentality
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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
SIGNED CHAP.684
12/15/2022