Bill > A03072

This bill amends the New York real property tax law to require that affordable housing units created under the Affordable New York Housing Program (also known as 421-a program) become subject to rent stabilization once their tax abatement and extended affordability period expires. Rent stabilization is a legal mechanism that limits how much landlords can increase rent and provides tenant protections. The bill specifically states that if an affordable housing unit has received tax exemptions or abatements under any law, it will not become rent-stabilized until those tax benefits completely expire. This means that developers who receive tax incentives for creating affordable housing will eventually have their units become part of the city's rent-stabilized housing stock, potentially providing long-term affordable housing options. The legislation takes effect immediately upon passage, and aims to ensure that housing units created with public tax benefits maintain some form of affordability after initial incentive periods end.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3072