What's happening
This bill creates a five-year program extending J-51 tax exemptions to convert commercial spaces into mixed work and residential units in Kings County.
Why it matters
Targets underutilized M-1 zoned properties in Kings County, encouraging the transformation of old commercial/manufacturing spaces into mixed-use developments (work and residential units). This could help address both commercial vacancies and housing shortages by making better use of existing buildings.
Provides financial incentives (J-51 tax exemption and abatement) for property owners to invest in conversions and renovations,. which may make such projects more economically viable and attractive, especially in neighborhoods where revitalization is needed.
Could spur job creation and economic activity in high-density areas by bringing more residents and active workspaces into previously underused zones,. potentially revitalizing local businesses and the surrounding community.
Being a five-year demonstration program, it allows policymakers to assess the effectiveness and community impact of extending J-51 benefits in this new way,. which could influence broader housing and economic policy decisions in the future.
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Who cares
Headline styles
Convert Factories to Housing
Plain English, a few words. Used as the page title.
Sponsors
2 Co-sponsors
History
- Referred to real property taxation
- Referred to real property taxation
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Convert Factories to Housing
In Senate Committee · Local Government · Sponsor Kevin S. Parker
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2206
2019-2020 Regular Sessions
IN ASSEMBLY
January 22, 2019
Introduced by M. of A. RICHARDSON, NIOU, WALKER -- read once and referred to the Committee on Real Property Taxation
AN ACT to establish a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential units in certain high density areas in Kings county; and providing for the repeal of such provisions upon expiration thereof
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. There is hereby established a demonstration program to extend the provisions of the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential units in certain high density, underutilized M-1 zoned properties in Kings county. For purposes of this section, J-51 is a property tax exemption and abatement for renovating a residential apartment building in certain counties of the city of New York. Such credit varies depending on the building's location and the type of improvements and shall be extended to the county of Kings.
§ 2. This act shall take effect immediately and shall expire and be deemed repealed five years after such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04443-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.