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NY A03072
Bill
Status
1/23/2025
Primary Sponsor
Linda Rosenthal
Click for details
AI Summary
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Affordable housing units receiving tax abatements under the 421-a Affordable New York Housing Program must become subject to rent stabilization upon expiration of the tax abatement and extended affordability period
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Units that receive tax exemptions or abatements under other laws will not become rent stabilized until those separate tax benefits also expire
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Amends Section 421-a of the real property tax law by adding a new subparagraph (ix) to paragraph (f) of subdivision 17
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Takes effect immediately upon enactment
Legislative Description
Requires affordable housing units that are subject to the provisions of the Affordable New York Housing Program to be subject to rent stabilization at the end of the tax abatement and extended affordability period; provides that units subject to tax exemptions or abatements pursuant to other laws be subject to rent stabilization at the expiration of such tax exemptions or abatements.
Last Action
referred to real property taxation
1/7/2026