Bill > A06992

This bill introduces the RESTORE Act (Reducing Excess Scaffolding and Timely Ongoing Repair Efforts Act), which creates a tax incentive program for building owners in New York City to complete exterior facade repairs quickly. The legislation targets buildings over six stories that are required to undergo periodic inspections and repairs under Local Law 11 of 1998, aiming to reduce the duration of sidewalk sheds and scaffolding. Building owners who complete necessary exterior wall repairs within twelve months of installing sidewalk sheds can receive a graduated property tax abatement, with the highest 50% abatement available if repairs are finished within three months. The tax abatement is calculated based on the repair costs or the property taxes for the year repairs are completed. Conversely, if repairs and sidewalk shed removal take longer than eighteen months, building owners will face escalating tax penalties, starting at 10% of property taxes and increasing by 2% each additional month, with a maximum penalty of 25%. The bill provides a mechanism for building owners to dispute penalties if delays were caused by factors outside their control and establishes an application process through the New York City Department of Finance. The legislation applies to various building ownership structures, including private landlords, cooperative housing corporations, and condominium associations.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A6992