Bill > A03286

This bill establishes a new tax on vacant land in New York City and creates a tax credit system for renovating rent-stabilized properties. Specifically, the bill imposes a tax on residential or commercial land that has been vacant for more than 180 days without a building permit, which will be assessed at full market value. The revenues generated from this vacant land tax will be used primarily for two purposes: first, to provide a tax credit for renovations to rent-stabilized properties, and second, to fund programs that encourage development of vacant properties. The tax credit for rent-stabilized property renovations can cover up to 100% of renovation costs and applies to improvements needed to meet city or state building and housing codes, including work on individual units, common areas, or infrastructure like elevators, heating, cooling, plumbing, or electrical systems. Property owners must apply through the New York City Department of Housing Preservation and Development, and fraudulent claims will be penalized with a fee of 10% of the unit's market value. The bill aims to incentivize property development and improvement in New York City by creating financial mechanisms that discourage land vacancy and support maintenance of rent-stabilized housing.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3286