Res 1776-2017
Allocate all additional property tax revenue generated from residential properties that are converted from a multi-unit residence to a single-family residence to support the development of affordable housing in NYC.
ResolutionFiledCommittee on Financeintroduced 2017-12-19
Filed — closed without being enacted.
Official record · Legistar
Agenda: 2017-12-19Passed: 2017-12-31
Committee on Finance — Executive Budget review and Budget modification, Banking Commission, Comptroller's Office, Department of Finance, Independent Budget Office, Office of Administrative Tax Appeal, and fiscal policy and revenue from any source.
How it compares
10% of similar bills passed
5 passed · 45 died
This bill: 12 days in committee
Similar bills: median 964 days · 119 days when passed
Compared against 50 Resolution bills in Committee on Finance.
Ranked by how closely each matches this bill's topic — closest first:
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Res 1184-2019
Extend the State’s property tax levy cap to NYC.
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Res 0810-2019
Impose an additional tax on certain non-primary residence class one and class two properties in NYC. (S.44/A.4540)
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Res 0652-2024
Impose an additional tax on certain non-primary residence class one and class two properties in New York City (A.1814).
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Res 0132-2022
Extend the State’s property tax levy cap to NYC.
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+ 44 more comparable bills
Sponsors (1)
Lifecycle
IntroducedIntroduced by Council
2017-12-19 · City Council
ActionReferred to Comm by Council
2017-12-19 · City Council
ClosedFiled (End of Session)
2017-12-31 · City Council
Heard at (1)
City Council · 2017-12-19 · 1:30 PM · Council Chambers - City Hall
Attachments (1)
Full text
By Council Member Cabrera
Whereas, Affordable housing is a fundamental aspect of a thriving New York City and critical to providing essential shelter, financial stability, and economic mobility for all New Yorkers; and
Whereas, The Department of City Planning estimates the population of New York City to increase by 783,000 residents, or 9.5 percent, between 2010 and 2040; and
Whereas, According to New York University's Furman Center, which provides research and analysis on housing, real estate, and urban policy, the majority of low-income New Yorkers are considered rent-burdened; and
Whereas, The City's rental vacancy rate declined from 4.4 percent in 2010 to 3.5 percent in 2015 evidencing fewer available apartments; and
Whereas, According to the Furman Center, the number of middle-income households that are rent-burdened is growing, and the share of available rental units that are affordable for low-income New Yorkers is declining; and
Whereas, Providing affordable housing is important to this Council and this Administration, which is working towards its goal to construct or preserve 200,000 affordable rental units by 2024; and
Whereas, The shortage of affordable housing is exacerbated by the conversion of multiple dwelling residential properties to single-family homes, usually purchased by high-income individuals; and
Whereas, The property taxes that would be levied on the converted property would likely be higher than those levied on the property when it was a multiple dwelling residential property because physical improvements made to a property are not subject to the caps that limit the property's annual growth in assessed value; and now, therefore, be it
Resolved, That the Council of the City of New York calls upon the New York State Legislature to pass, and the Governor to sign, legislation that would allocate all additional property tax revenue generated from residential properties that are converted from a multi-unit residence to a single-family residence to support the development of affordable housing in New York City.
DW
LS #9572
10/23/2017
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