Bill > A06654

This bill amends the private housing finance law to adjust tax regulations for housing projects, specifically impacting those located in New York City. Previously, for projects in cities with a population of one million or more, taxes were capped at no more than five percent of the annual "shelter rent" (total rent minus utility costs, including government rent supplements) or carrying charges. This bill removes that five percent cap for New York City projects, meaning their taxes will now be "assessed" rather than limited to a percentage of shelter rent. For projects in municipalities with less than one million people, the bill clarifies that taxes will not be less than ten percent of the annual shelter rent or carrying charges. These changes are intended to provide more flexibility in tax assessment for housing projects, particularly in New York City.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A6654