Category Archives: Housing

What Type and Size of Buildings Are Receiving 421-a Property Tax Exemptions in 2013?

New York State real property tax law establishes the 421-a property tax exemption for the construction of new multifamily housing in the city. The length of the exemption is 10, 15, 20, or 25 years, which is determined by the location of the new development and whether it includes the construction of affordable housing.

The 421-a exemption is New York City’s most expensive real estate tax break. In 2013, there are 150,000 units of housing receiving 421-a tax exemptions that cost the city $1.1 billion in forgone tax revenue.

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New York City By The Numbers IBO Homepage

How Much is NYC Paying to Make Housing Repairs That Should be Done by Landlords?

The city has two repair programs that step in when residential landlords fail to maintain their buildings:

Emergency Repair Program. If a landlord fails to correct the most serious housing code violations, the city may make the repairs (or contract out the work) and bill the owner for the cost of the repair and administrative fees.

Alternative Enforcement Program. Each year the city selects the 200 most distressed residential buildings for participation. If the owner fails to make repairs, the city may do so and bill the owner accordingly. For more information see IBO’s fiscal brief on alternative enforcement.

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PDF version here.

New York City By The Numbers IBO Homepage