Image credit: City of New York, Office of the Comptroller.
Comptroller calls for an expansion of property tax relief programs in the City. On September 6, 2018, New York City Comptroller Scott M. Stringer issued a report detailing property tax increases in the City from 2005 to 2016 and their effect on households at different income levels. The report highlights the dramatic impact that these increases have had, particularly on households with incomes below $50,000 and the inability of existing property tax relief programs to ease the burden of taxpayers at this income level. The report shows how the City tax relief programs fare in comparison to other states that offer tax benefit programs, specifically Maryland and Washington D.C, where benefits are higher and more expansive. The report is a call to policy makers and the recently established NYC Advisory Commission on Property Tax Reform to re-evaluate the impact of property tax increases and the ineffectiveness of existing tax benefit programs in order to turn New York City’s tax system from a regressive one to a progressive one. To read CityLand’s prior coverage on NYC Advisory Commission on Property Tax Reform, click here (more…)
City neighborhoods report threats to affordable housing. The Association for Neighborhood & Housing Development released its 2018 report on “How Is Affordable Housing Threatened in Your Neighborhood?” The report provided its findings in a chart on all neighborhoods in the five boroughs and indicators of threats to affordable housing. The Association is the umbrella organization of 100 non-profit affordable housing development groups, which serves low- and moderate-income residents in all five boroughs. (more…)
Image credit: New York City Office of the Comptroller
On April 2018, New York City Comptroller Scott M. Stringer issued a report on the impact of Airbnb on City rents. The report looked at how the home-sharing company impacted rent in the City over the period of 2009 to 2016. The report found that rental rates increases during this time period can be attributed to Airbnb. (more…)
Current condition of the Century Building. Image credit: LPC
In exchange for bulk waivers for 16th Street development Tishman Realty will restore and maintain the Century Association Building. At its meeting on September 12, 2017, the Landmarks Preservation Commission revisited an application by Tishman Realty to create a restoration and maintenance plan for the individually landmarked Century Association Building as part of a 74-711 special permit application to City Planning. The City Planning application entails the redevelopment of an adjoining lot at 110 East 16th Street, replacing an 84-foot-high 1960s garage with a new 283-foot-tall mixed use building. The building, designed by Morris Adjmi, will host residential, retail, and garage uses requiring bulk waivers. In a 74-711 application, Landmarks must approve the restoration and maintenance work, and submit a finding that the new development would relate harmoniously to the landmark. (more…)
Image credit: Office of the Mayor
At the close of fiscal year 2017, the Mayor’s Administration is ahead of schedule in achieving its goal to build 200,000 affordable homes in 10 years. On July 13, 2017, Mayor Bill de Blasio announced an update on the progress that has been made to achieve the goals set forth in his Housing New York plan, which seeks to build 200,000 affordable homes in 10 years. According to the announcement, the City secured 24,293 affordable homes in fiscal year 2017—the highest production of affordable homes within one year since 1989. In total, 77,651 affordable homes have been financed to date under the Housing New York plan. Included in this total are 4,014 new apartments created to house the poorest New Yorkers, who earn less than $24,000 annually. Further, the City is in the process of creating 4,627 affordable senior housing units for low-income seniors. (more…)
