Taxes Up Again

The real property tax levy will go up 4.8% in fiscal 2017 under the City budget approved this week.

Mayor de Blasio announced yesterday that the former owner of a six-unit Bronx building had been arrested and jailed for failing to repay funds improperly collected from tenants when the building was being managed by a 7-A Administrator.

Residential building permits issued through May are about 1/7th the number issued last year when 421a tax benefits were still available–2,700 units vs. 20,700–and the State Legislature is expected to end its session today without approving any new incentives.

Among the other things Albany could not accomplish was to reach agreement on how to spend $2 billion set aside in the State budget for affordable housing. Early this morning there was a report that $150 million would be allocated for supportive housing programs, but nothing else. One theory is that many of the past and likely future recipients of State housing funds are under investigation by federal authorities for their ties to the Governor; and another is that Gov. Cuomo doesn’t want money funneled to NYCHA for improvements for which the Mayor might get credit.

HUD, yesterday, issued a proposed rule to implement zip code-specific Fair Market Rents for Housing Vouchers in New York City and about 30 other metropolitan areas. Comments are due by August 15th. The idea is to give more voucher tenants a choice to move to better neighborhoods. The effect would be to increase FMRs in the city’s wealthiest neighborhoods by up to 50% and cut them by as much as 50% in the poorest. The change would only apply to new leases during a three year transition period.

CHIP and ABO members can get a national political briefing on this and other issues Tuesday afternoon from the chief lobbyist of the National Association of Homebuilders. Click here for information.

The Rent Guidelines Board will hold its main Manhattan hearing Monday from 2-8 p.m. at the Great Hall at Cooper Union, 7 East 7th Street. Make your voice heard.

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