From: New York State Association of REALTORS (NYSAR) Sent: Saturday, February 3, 2024 Subject: Read this week's NYSAR E-News!
Gov. Kathy Hochul is making a second attempt to resurrect and restructure an expired state property tax abatement program for housing developers in New York City, known as 421-a. Governor Hochul is proposing a similar tax incentive program called 485-x, however, she is leaving details of the program’s possible applicability and implementation up to the real estate industry, labor unions, and city officials to work out. Wage standards and increased tenant protections are also being injected into the discussion, making it more difficult for state lawmakers to come to an agreement on a new program. Learn more.