NY A06992

Creates the "RESTORE Act" (Reducing Excess Scaffolding and Timely Ongoing Repair Efforts Act) to provide property tax abatements for New York City building owners who complete required facade repairs and remove sidewalk sheds within 12 months of installation

Establishes a graduated abatement scale: 50% of repair costs or property taxes (whichever is less) if completed within 3 months, decreasing by 5% each additional month down to 5% at 12 months

Imposes penalties on building owners who fail to complete repairs within 18 months: 10% of property taxes due plus 2% for each additional month, capped at 25% maximum penalty per tax year

Applies to buildings over six stories requiring exterior wall repairs that necessitate sidewalk shed installation under NYC Local Law 11

Allows ongoing repair projects to qualify for abatements, with special provisions protecting projects underway for less than one year from retroactive penalties