Today, Assembly Member Robert Rodriguez announced new legislation (A7092) to renew and reform the coop/condo tax abatement and redirect revenue to preserve NYCHA housing. We commend Assembly Member Rodriguez for introducing this important legislation and for advancing our legislative proposal.
The coop/condo abatement costs NYC about $600 million annually. This proposal will renew the abatement for 90% of beneficiaries but will eliminate the abatement for the top 10% of owners. By ending the abatement for units with DOF billable assessed per unit value of 200,000 or higher, $170 million in tax revenue will be collected annually. See CHPC’s analysis making the case for ending the tax break for luxury owners.
“Today, we propose that luxury owners pay their full tax bill and this revenue will raise $3.3 billion to finance repairs for public housing residents to live mold-free, to live lead-free and to live pest-free. Each level of government must do its part to preserve New York City’s most affordable housing stock.” – Rachel Fee
Last week, New York State Lawmakers passed a $175 billion budget that left out NYCHA. This is a new opportunity to provide NYCHA with steady revenue, which can finance $3.3 billion in needed capital repairs.
Without action the coop/condo abatement will expire in June. Now is the time to reform this abatement to #SAVENYCHA!
See City Limit’s coverage of the press conference here.