ALBANY, NY-This morning, we reported on the J-51 housing reform bill passing here. IN the piece, our Real Estate Forum managing editor Paul Bubny explained that this means tax benefits will no longer be available to developers that are converting commercial buildings to residential use unless those conversions receive “substantial governmental assistance.”
Needless to say, it’s a pretty big deal, and one that may see affordable housing units placed in luxury condominiums in Manhattan.
As a summary, Sheldon Silver, the Assembly Speaker, offered up the following quote in a statement:
“I am pleased that this legislation will cut taxes for the vast majority of condo and co-op owners who pay a disproportionate share of the city’s property tax burden. At the same time, the bill will expand our stock of affordable housing by requiring developers of certain projects to set aside a predetermined number of units for low income housing or contribute to the construction of new affordable housing.”
We want to hear from you: What does this mean for new multifamily properties in the New York City market? Do you think this is a boon for the city, or a burden? Share your views in the comments section below.