Bill > S07123

This bill amends the Private Housing Finance Law to provide significant tax reduction provisions for certain housing projects, specifically in cities with a population of one million or more (which effectively means New York City). The bill allows for the reduction of local and municipal taxes on housing projects to zero percent of annual shelter rent or carrying charges. For projects in municipalities outside of the one-million-population city, local legislative bodies can consent to further reduce taxes to zero percent or less, with such consent expiring every ten years and requiring renewal. The bill defines "shelter rent" as total rents received from occupants minus the cost of utilities. The tax exemption will continue as long as mortgage loans for the project remain outstanding. This legislation appears aimed at making housing more affordable by dramatically reducing property tax burdens for certain housing developments, particularly in large urban areas, while providing mechanisms for local municipalities to control and periodically review these tax reductions.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S7123