New York Gov. Kathy Hochul (D) is pushing several changes to a tax break for New York City property owners that make upgrades to affordable housing stock, seeking to address some of the biggest complaints with the program.
Hochul’s $260 billion budget plan would increase the size of the J-51 tax incentive to cover the full renovation costs undertaken by affordable rental, co-op, and condo buildings, spread out over a period of 12 to 20 years. Currently the tax break covers up to 70% of those expenses over the same time frame.
More co-op and condo buildings could also take ...
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