Increases to $50,000 the annual income of a senior citizen's household for purposes of eligibility for the tax abatement and exemption for rent controlled or regulated property

4 Co-sponsors

• Tony Avella
• Jeffrey D. Klein
• David J. Valesky
• David Carlucci

BILL NUMBER:S6746

Title of bill

An act to amend the real property tax law, in relation to the tax abatement and exemption for rent regulated and rent controlled property occupied by senior citizens

Purpose or general idea of bill

Increases the income thresholds to qualify for the Senior Citizen Rent Increase Exemption (SCRIE) program to $50,000.

Summary of specific provisions

Section 1: Amends paragraph a of subdivision 3 of § 467-b of the Real Tax Property Law to increase the maximum income allowable for the tax abatement to $50,000.

Section 2: Amends paragraph d of subdivision 1 of § 467-c of the Real Property Tax law, changing the "eligible head of household" definition to reflect such an increase.

Section 3: Effective date.

Justification

According to NYC's Housing Vacancy data, there are 90,000 older New Yorkers paying 40-50% or more of their income in rent. This level of rent burden is unsustainable, especially for individuals with fixed incomes. The unaffordable housing crisis in NYC and across the state makes older adults susceptible to homelessness.

Too many older New Yorkers are ineligible for SCRIE under the current rules. The maximum income level has remained stagnant since 2009. During this time, rents have significantly increased. As a result, the IDC proposes to increase the income threshold to qualify for SCRIE to $50,000. Such an expansion will help thousands remain in their homes.

Prior legislative history

None.

Fiscal implications

$5 million state appropriation to reimburse municipalities administering SCRIE.

Effective date

Immediately.