Relates to creating the Neighborhood Small Business Rent Increase Exemption; provides a tax abatement for limiting rent increases on small businesses in a city of one million or more persons.
Impact
The bill could significantly alter the landscape of local property tax law and tenant protections in New York City. By allowing local authorities to define abatement zones and set specific eligibility criteria, the law empowers city administrations to actively protect small businesses from aggressive rental increases. This could also contribute to economic stability in neighborhoods that are experiencing gentrification, potentially allowing long-standing businesses to thrive alongside new developments.
Summary
Bill A07996 proposes the establishment of a 'Neighborhood Small Business Rent Increase Exemption' in cities with populations of one million or more, aiming to provide tax abatements to support small businesses. Specifically, this legislation seeks to limit rent increases on small commercial tenants through tax incentives that encourage landlords to maintain stable rental rates for eligible businesses. The intent is to foster vibrant local economies while simultaneously averting displacement due to rapid rent hikes in growing urban centers.
Contention
However, the bill is not without contention. Critics have raised concerns regarding its feasibility and potential unintended consequences. Some argue that while the intent to support small businesses is commendable, the tax abatement could lead to a lack of accountability among landlords, who might not pass on the savings to tenants. Additionally, some stakeholders fear that focusing solely on rent stabilization for small businesses could unintentionally neglect broader economic challenges, such as housing affordability and the need for sustainable urban development policies.
Same As
Relates to creating the Neighborhood Small Business Rent Increase Exemption; provides a tax abatement for limiting rent increases on small businesses in a city of one million or more persons.
Relates to creating the Neighborhood Small Business Rent Increase Exemption; provides a tax abatement for limiting rent increases on small businesses in a city of one million or more persons.
Establishes a rent increase exemption for certain nonprofit organizations; provides a tax abatement for limiting rent increases on nonprofit organizations in a city of one million or more persons.
Establishes a rent increase exemption for certain nonprofit organizations; provides a tax abatement for limiting rent increases on nonprofit organizations in a city of one million or more persons.
Relates to extending the benefits of the STAR program to small businesses; defines small business as a business which employs one hundred persons or less.
Increases the number of years a small business can participate in the small business mentor program from four years to five years for Tier 1 and from four years to five years for Tier 2; increases cap on awards under MTA's small business mentor program from one million dollars to one million five hundred thousand dollars for Tier 2 contracts; requires a report to the legislature and the governor.
Increases the number of years a small business can participate in the small business mentor program from four years to five years for Tier 1 and from four years to five years for Tier 2; increases cap on awards under MTA's small business mentor program from one million dollars to one million five hundred thousand dollars for Tier 2 contracts; requires a report to the legislature and the governor.
Increases the city of New York procurement limit for businesses owned by women and minorities from one million dollars to one million, five hundred thousand dollars.
Increases the city of New York procurement limit for businesses owned by women and minorities from one million dollars to one million, five hundred thousand dollars.
Increases the threshold for office of the comptroller review of the metropolitan transportation authority discretionary awards to MWBEs and small businesses from one million dollars to one million five hundred thousand dollars.
Increases the threshold for office of the comptroller review of the metropolitan transportation authority discretionary awards to MWBEs and small businesses from one million dollars to one million five hundred thousand dollars.