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    Council Committee Holds Hearing on Rent Stabilization Extension [UPDATE: Legislation Passes Council]

    Rent Regulation  •  Citywide
    Council Member Jumaane D. Williams hears testimony on strengthening rent regulation laws. Image credit: William Alatriste/New York City Council

    Council Member Jumaane D. Williams hears testimony on strengthening rent regulation laws. Image credit: William Alatriste/New York City Council

    Legislation would extend rent stabilization laws for three years and call on state legislature to strengthen existing laws.  On March 2, 2015 the City Council Committee on Housing and Buildings held a public hearing on Intro 685, a proposed law to amend the city’s administrative code and extend New York City’s existing rent stabilization laws.  Intro 685 declares the existence of a “housing emergency”, where the city’s vacancy rate drops below 5 percent, and the declaration is required under the New York City Rent Stabilization Law to extend rent stabilization.

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    Tags : Council Member Antonio Reynoso, Council Member Corey Johnson, Council Member Jumaane D. Williams, Council Member Mark Levine, Council Member Rafael Espinal Jr, Deputy Mayor Emma Wolfe, Housing and Buildings Committee, Housing New York
    Date:03/13/2015
    Category : City Council
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    City Council Holds Oversight Hearing on 421-a Program

    Oversight  •  Citywide
    Council member Jumaane D. Williams chairs the oversight hearing on 421-a tax exemptions. Image credit: William Alatriste/New York City Council

    Council member Jumaane D. Williams chairs the oversight hearing on 421-a tax exemptions. Image credit: William Alatriste/New York City Council

    HPD Commissioner Been, others testify on effectiveness of the program.  On January 29, 2015 the City Council Committee on Housing and Buildings held an oversight hearing on the 421-a tax benefit program. The program, established in 1971 by the New York State Legislature, was designed to spur residential development of underused land by granting a property tax reduction to developers for a period of ten to twenty-five years, with an objective of increasing affordable housing access for low-income residents.  The program was most recently renewed by the Legislature in 2011, with a pending expiration date of June 15, 2015, and a cost of $1.1 billion in foregone tax revenue in fiscal year 2013.

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    Tags : 421-a, Commissioner Vicki Been, Council Member Antonio Reynoso, Council Member Brad Lander, Council Member Helen Rosenthal, Council Member Jumaane D. Williams, Council Member Ydanis Rodriguez, Housing and Buildings Committee, Housing Preservation and Development
    Date:02/03/2015
    Category : City Council
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