BILL NUMBER: S7925
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend the real property tax law, in relation to establishing a
tax rebate program for rent-stabilized housing
 
PURPOSE:
To preserve rent-stabilized housing in financially distressed buildings
by offering a targeted property tax rebate, contingent on strict eligi-
bility and compliance standards, beginning with a pilot in low-income
communities.
 
SUMMARY OF PROVISIONS:
Section 1 states the legislative intent of this bill which is to provide
vital affordable housing to low and moderate income New Yorkers by
utilizing a tax rebate that targets buildings with individually occupied
rent-stabilized apartments where the property tax burden significantly
exceeds rental income.
Section 2 amends the real property tax law by adding a new section 485-z
that defines "rent-stabilized apartment", "eligible building", "effec-
tive tax burden", and "unit tax allocation factor", as well as outlining
the process in which eligible apartment building owners can make use of
such tax rebate program.
Section 3 is the effective date.
 
JUSTIFICATION:
This bill offers targeted, means-tested relief to owners of such build-
ings - but only if they are in financial distress, maintain safe living
conditions, and continue to serve stabilized tenants. The rebate is not
a giveaway; it is a limited, performance-based tax credit designed to
prevent abandonment, illegal deregulation, or deterioration of our most
affordable housing stock. Unlike broad abatements or subsidies, this
proposal requires fiscal transparency, housing code compliance, and
ongoing monitoring.
Tenants are protected by a requirement that buildings remain eligible
for two full years after any rebate is issued. By focusing the pilot on
neighborhoods where median income is below 40% of AMI, this bill ensures
that the program supports the most vulnerable tenants and the most
precarious housing.
 
LEGISLATIVE HISTORY:
New bill
 
STATE AND LOCAL FISCAL IMPLICATIONS:
N/A
 
EFFECTIVE DATE:
This act shall take effect on the first of January next succeeding the
date on which it shall have become a law.