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Assembly Bill A8899

2021-2022 Legislative Session

Requires certain affordable housing units to be subject to rent stabilization

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Archive: Last Bill Status - In Assembly Committee

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2021-A8899 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §421-a, RPT L
Versions Introduced in Other Legislative Sessions:
2023-2024: A1546
2025-2026: A3072

2021-A8899 (ACTIVE) - Summary

Requires affordable housing units that are subject to the provisions of the Affordable New York Housing Program to be subject to rent stabilization at the end of the tax abatement and extended affordability period; provides that units subject to tax exemptions or abatements pursuant to other laws be subject to rent stabilization at the expiration of such tax exemptions or abatements.

2021-A8899 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8899
 
                           I N  A S S E M B L Y
 
                             January 19, 2022
                                ___________
 
 Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred to the
   Committee on Real Property Taxation
 
 AN ACT to amend the real property tax  law,  in  relation  to  requiring
   certain affordable housing units to be subject to rent stabilization
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph (f) of subdivision 17 of  section  421-a  of  the
 real  property  tax  law is amended by adding a new subparagraph (ix) to
 read as follows:
   (IX) AN AFFORDABLE HOUSING UNIT THAT IS SUBJECT TO A TAX ABATEMENT AND
 EXTENDED AFFORDABILITY PERIOD PURSUANT TO THE PROVISIONS OF THIS SECTION
 SHALL, UPON THE EXPIRATION OF SUCH TAX ABATEMENT AND  EXTENDED  AFFORDA-
 BILITY  PERIOD,  BE  SUBJECT TO RENT STABILIZATION.   IF SUCH AFFORDABLE
 HOUSING UNIT RECEIVES BENEFITS OF TAX EXEMPTION OR TAX  ABATEMENT  UNDER
 THE  PROVISIONS OF ANY OTHER LAW, SUCH UNIT SHALL NOT BE SUBJECT TO RENT
 STABILIZATION UNTIL SUCH TAX EXEMPTION OR TAX ABATEMENT EXPIRES.
   § 2. This act shall take effect immediately.
 
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14293-01-2

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