ALBANY, NY—The Gay Marriage bill is getting all the attention this weekend, but the New York State Legislature also passed on Friday night laws that would catch the attention of real estate owners and apartment dwellers.
A statewide cap at property tax of 2% or the inflation rate is now part of the law. Taking effect in fiscal year 2012, the Wall Street Journal reports that the bill would sunset in 2016.
According to reports, this is the first such tax cap in New York history.
The bill also extends rent controls for four more years, raising the rent ceiling from $2,000 to $2,500. The Journal reports that some legislators viewed the new law as weak in a “city that's becoming increasingly unaffordable for many.”
As GlobeSt.com recently reported, the Real Estate Board of New York, prior to the vote, came out with muted support of the legislation: Steven Spinola, president of REBNY, expected the extension to be granted after negotiations in the legislative session took place. “There are some things we didn’t get, but overall, we got a number of things we wanted,” Spinola told GlobeSt.com. “The rent deal itself is pretty close to what we thought it would end up being. I was hoping for $2,400 to be the number, but it ended up being $2,500. The other items were in the ballpark of where we thought they would be.”
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