$32 billion is required to make needed repairs and upgrades for safe and decent living conditions for the 400,000+ public housing residents living in New York City Housing Authority (NYCHA) housing. Mayor de Blasio’s NYCHA 2.0 plan expands use of RAD-type conversions and identifies other strategies to raise $24 billion in revenue. While this plan, which will be under the control the newly appointed monitor, moves in the right direction, it leaves a budget gap of at least $8 billion. NY State needs to be a partner and raise additional revenue to address this gap.

Raise $3.3 billion by earmarking revenue for NYCHA from Coop/Condo Abatement Reform.

This year, NYC will give away about $600 million in a relatively unknown tax break to homeowners. The Cooperative and Condominium Property Tax Abatement reduces real property taxes for owner-occupiers by 17.5% – 28.1%, depending on assessed value. While this abatement is the 2nd largest housing tax expenditure in New York City, many homebuyers are unaware of it when they purchase an apartment. Unlike the federal Mortgage Interest Deduction, it does not typically factor into a buyer’s calculation of affordability.  Albany lawmakers have an opportunity to create a more just and equitable tax policy and provide a long-term funding solution for public housing by supporting the Coop/Condo Tax Abatement Reform Bill A7092.  This bill:

  • Renews tax benefits for 90% of owners
  • Ends tax break for top 10% of luxury coop/condos
  • Redirects revenue to raise $3.3B to #SAVENYCHA

Resources/News Coverage:

NYHC Leads Strong Yes to Housing Coalition Rally at City Hall Steps