Bill Text: NY A01546 | 2023-2024 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to real property taxation [A01546 Detail]

Download: New_York-2023-A01546-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1546

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 17, 2023
                                       ___________

        Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred to the
          Committee on Real Property Taxation

        AN ACT to amend the real property tax  law,  in  relation  to  requiring
          certain affordable housing units to be subject to rent stabilization

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph (f) of subdivision 17 of  section  421-a  of  the
     2  real  property  tax  law is amended by adding a new subparagraph (ix) to
     3  read as follows:
     4    (ix) An affordable housing unit that is subject to a tax abatement and
     5  extended affordability period pursuant to the provisions of this section
     6  shall, upon the expiration of such tax abatement and  extended  afforda-
     7  bility  period,  be  subject to rent stabilization.   If such affordable
     8  housing unit receives benefits of tax exemption or tax  abatement  under
     9  the  provisions of any other law, such unit shall not be subject to rent
    10  stabilization until such tax exemption or tax abatement expires.
    11    § 2. This act shall take effect immediately.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05773-01-3