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    Comptroller Stringer Releases Plan to Address City’s Affordable Housing Problems

    Comptroller's Office  •  Affordable Housing  •  Citywide

    Comptroller Stringer announces plan to address City’s growing affordable housing crisis. Image Credit: Susan Watts/Office of New York City Comptroller

    Universal Affordable Housing would require 25 percent permanently low-income affordable housing in all new development with ten or more units. On January 29, 2020, New York City Comptroller Scott M. Stringer announced a citywide housing strategy to fundamentally realign the City’s approach to the housing crisis. The strategy, coined Housing We Need, will include a universal requirement for 25 percent permanently low-income affordable housing in all as-of-right developments with at least ten units. (more…)

    Tags : 421-a, affordable housing, City Comptroller Scott Stringer, tax subsidies
    Date: 02/14/2020
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    New York State Assembly Housing Committee Chair Keith Wright Proposes Bill to Subsidize Affordable and Senior Housing

    New York State Senate  •  Affordable Housing  •  Citywide
    New York State Assembly Housing Committee Chair Keith Wright. Image credit: The Office of Assembly Member Keith Wright

    New York State Assembly Housing Committee Chair Keith Wright. Image credit: The Office of Assembly Member Keith Wright

    The bill seeks to fill the gap left open by the expiration of 421-a, the decades-old tax exemption program that expired on January 1, 2016.  On March 15, 2016, New York State Assembly Housing Committee Chair Keith Wright, who represents Manhattan, introduced Assembly bill A9537, which would provide for new, taxpayer-funded affordable housing subsidies and job training programs. If enacted, the bill would incentivize the construction of affordable housing and affordable senior housing through subsidies, rather than tax exemptions.

    (more…)

    Tags : 421-a, affordable housing, Assembly Member Keith Wright, legislation, New York State Assembly, New York State Assembly Housing Committee, RPTL 421-a
    Date: 03/31/2016
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    HPD Proposes to Implement Extension of Existing 421-a Affordable Housing Tax Abatement Program

    Uncategorized  •  Agency Rule  •  Citywide

    HPD brought charges of tenant harassment against an Aimco-owned building in the Upper West Side. Image credit: HPD

    The “421-a Extended Affordability Program Rules” would provide a 10 to 15 year extension to eligible buildings enrolled in the program prior to its expiration. On March 14, 2016, the Department of Housing Preservation and Development proposed two agency rules to extend the 421-a real property tax exemption program for those who already had been benefiting from the program prior to its expiration in June 2015. The State authorized HPD to promulgate the new rules via State Law from June 26, 2015.

    (more…)

    Tags : 421-a, affordable housing, RPTL 421-a
    Date: 03/29/2016
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    Rent Stabilization: Preserving Low and Middle-Income Housing

    CityLaw  •  Cover Article by Steve Cohen
    Image credit: Jeff Hopkins/CityLaw

    Image credit: Jeff Hopkins/CityLaw

    Rent regulation is not a new issue for New York City. But the headlines in June 2015 were far larger and the reactions more contentious than at any time in recent memory. For the first time in its 46-year history, the Rent Guidelines Board decided that there would be no increase in rents for one-year renewals on rent-stabilized apartments; it also limited increases on two year renewals to two-percent. Not surprisingly, tenants hailed the decision and landlords decried it.

    (more…)

    Tags : 421-a, affordable housing, Department of City Planning, Governor Andrew Cuomo, Mayor Bill de Blasio, NYC Rent Guidelines Board, rent regulation
    Date: 09/24/2015
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