NY A00234

Increases the minimum residential space requirement for mixed-use properties from 40% to 50% of the building's square footage to qualify for the residential-commercial urban exemption program

Limits square footage calculations to above-grade stories only, excluding basement and below-grade space from determining residential and commercial use percentages

Prohibits vacant land from receiving tax exemption benefits under this program; requires at least 75% of the mixed-use property's floor area to consist of pre-existing building or structure

Simplifies the definition of "commercial purpose" by removing the minimum 5-employee requirement and streamlining the list of qualifying uses (hotels, retail, offices, restaurants, bars, gyms, theaters, cafes)

Removes the 30-day notice-to-cure provision before benefit revocation and eliminates the specific requirement that commercial space be "open to the public" for three consecutive years as grounds for revocation; takes effect January 1, 2026