Extends the authorization for the city of New York to sell to abutting property owners real property owned by such city, consisting of tax lots that cannot be independently developed due to the size, shape, configuration and topography of such lots and the zoning regulations applicable thereto.
Impact
The bill's passage would modify existing state laws related to property sales and municipal land use in New York City. Specifically, it would allow the city to provide property that is otherwise difficult to develop to owners of adjacent parcels, potentially increasing land use efficiency and benefiting those property owners. This could facilitate new business or residential development, contributing to urban growth and revitalization efforts in underdeveloped areas.
Summary
A08426 is a legislative bill aimed at extending the authorization for the city of New York to sell real property it owns to abutting property owners. This property typically consists of tax lots that cannot be developed independently due to their size, shape, configuration, and the applicable zoning regulations. The bill seeks to amend the New York City Charter and extends the authority granted by a previous law enacted in 2010 for an additional five years, now set to expire on December 31, 2030, instead of 2025.
Contention
Notable points of contention around A08426 include debates on the implications of extended property sales by the city. Critics may voice concerns regarding the potential for lack of oversight in how these properties are used, as well as the risk of prioritizing profit over community needs. Supporters, on the other hand, argue that allowing property transfers to adjacent owners fosters localized development and can lead to beneficial urban improvements.
Same As
Extends the authorization for the city of New York to sell to abutting property owners real property owned by such city, consisting of tax lots that cannot be independently developed due to the size, shape, configuration and topography of such lots and the zoning regulations applicable thereto.
Creates the New York state home ownership savings plan; creates a property tax exemption related thereto; creates exemptions for properties purchased in target areas with a New York state home ownership savings plan.
Establishes the 13 member temporary state commission on New York city property tax reform to propose property tax reform for the city of New York that promotes fairness, clarity, and simplicity; that eliminates structural inequality and taxes similar properties similarly; that encourages the development and preservation of affordable and multifamily housing; that includes owner relief programs and an approach to transition that insures low- and moderate-income owners have affordable tax bills and that primary residents are not displaced from their homes; and that does not diminish revenue for the city of New York.
Establishes the farm ownership succession planning program to provide farm owners with a succession planning toolkit that can be used by such farm owners who plan on selling or closing their farm.
Establishes the farm ownership succession planning program to provide farm owners with a succession planning toolkit that can be used by such farm owners who plan on selling or closing their farm.
Directs the board of standards and appeals in the city of New York to mail a copy of each application for a variance to property owners within 1 mile of the affected property.
Authorizes application of the property tax abatement for rent-controlled or rent regulated properties occupied by senior citizens or disabled persons, to those units occupied by tenants paying the maximum allowable rent when such rent exceeds 1/2 of the household income; provides for state payments to cities affected thereby equal to 10% of lost real property tax revenue.
Authorizes application of the property tax abatement for rent-controlled or rent regulated properties occupied by senior citizens or disabled persons, to those units occupied by tenants paying the maximum allowable rent when such rent exceeds 1/2 of the household income; provides for state payments to cities affected thereby equal to 10% of lost real property tax revenue.