Res 0431-2026

Res. No. 431 ..Title Resolution calling upon the New York State Legislature to pass, and the Governor to sign, legislation authorizing property tax incentives for property owners who dedicate twenty percent of existing housing stock to senior citizens and individuals experiencing homelessness ..Body By Council Members Zhuang, Williams, Brooks-Powers and Guti�rrez Whereas, New York City is in the midst of a long-term housing crisis, with extremely limited availability of rental units and enormous pressure on housing supply and affordability; and Whereas, According to a 2024 New York City Housing and Vacancy Survey sponsored by the Department of Housing Preservation and Development (HPD), the city's net rental vacancy rate dropped to approximately 1.4 percent in 2023, the lowest level since 1968, reflecting a profound shortage of available housing across rent levels, and particularly at lower price points where many low-income and senior households seek housing; and Whereas, HPD's report highlighted that the vacancy rate for apartments renting under $1,100 was a mere 0.39 percent and the total number of units available for rent citywide hovered around 33,000, far below levels needed for a balanced market; and Whereas, According to a 2024 survey conducted by the Coalition for the Homeless, the City's shelter population remains high, with tens of thousands of New Yorkers residing in the municipal shelter system; and Whereas, Data from housing organizations indicate over 105,000 people were sleeping in City shelters on any given night in mid-2025, underscoring the ongoing homelessness crisis; and Whereas, Older New Yorkers are increasingly affected by housing insecurity and homelessness; and Whereas, In their 2024 report, "How Long Do We Have to Wait?", LiveOnNY stated that the number of single adults aged 65 and older staying in City shelters more than doubled between 2014 and 2022, with an average of nearly 1,857 seniors aged 65 or more in shelters each night in 2023, and approximately 315,000 older adults on waiting lists for subsidized senior housing, demonstrating both vulnerability and insufficient affordable housing options for seniors; and Whereas, Despite these clear housing needs, there are currently no targeted State or local tax incentive programs designed to encourage owners of existing housing stocks to rent open units to senior citizens or individuals transitioning out of homelessness; and Whereas, A State-authorized property tax incentive program that allows local governments such as New York City to offer a rebate or abatement to property owners who rent at least twenty percent of their existing housing stock to seniors and individuals experiencing homelessness while maintaining appropriate standards for habitability and compliance could help alleviate housing shortages for vulnerable populations and better utilize existing housing stock; and Whereas, State authorizations for tax exemptions and abatements for housing seniors and the homeless would incentivize property owners to bring to code and fill vacant apartments as more housing is built to accommodate the growing need for the State's and City's seniors and unhoused groups; 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 authorizing property tax incentives for property owners who dedicate twenty percent of existing housing stock to senior citizens and individuals experiencing homelessness. LS #21680/ 21682 2/10/26 BS 2