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- Referred to cities
- Referred to cities
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Sponsor's memo
BILL NUMBER:S5044
Title of bill
An act to amend the New York city charter, in relation to rezoning and municipal building impacts in cities of one million or more
Summary of provisions
Section 1 of the bill amends the New York city charter by adding two new section 201-a and 201-b that provide the following:
* 201-a. Rezoning. When a municipality rezones or makes a zoning text change to an existing R1, R2, R3, R4 or R5 zone that has been previously rezoned within the past fifteen years, the municipality must pay a property owner three times the difference between the price paid for the property for any sale made subsequent to the effective date of the rezoning and the market value of the property as reflected on the last property bill issued prior to the effective date of the subsequent rezoning if the purchase price is less than the market value of the property as reflected on the last property bill issued prior to the effective date of the rezoning. This provision will not apply to properties in existing overlays in R1, R2, R3, R4 or R5 zone.
* 201-b. Municipal building impacts and residential neighborhoods. If a municipality constructs a municipal building that abuts an R1, R2, R3 or R4 district, a municipality must pay a property owner three times the difference between the price paid for the property for any sale made subsequent to the construction of the municipal building and the market value of the property as reflected on the last property bill issued prior to the completion of the construction if the purchase price is less than the market value of the property as reflected on the last property bill issued prior to the construction.
Section 2 of the bill provides an immediate effective date.
Justification
The process of rezoning in the city of New York is a long and arduous one that often involves years' worth of extensive work by the Department of City Planning in conjunction with community input. This process often takes on special meaning when it involves rezoning of residential neighborhoods because it directly affects small property owners who can be significantly impacted by a change in property values as a result of a rezoning.
A similar situation of financial instability can be brought on for residential property owners when the city constructs a municipal building directly abutting an R1, R2, R3 or R4 area.
This legislation will give residential property owners some form of protection when the city of New York decides to engage in another rezoning in their area within 15 years of a prior rezoning or when then city constructs a municipal building that abuts their area if their property losses its value as a result of the new rezoning.
Prior legislative history
None.
Fiscal implications
None to the State.
Effective date
This legislation shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.