QUESTION
What are the citywide estimates of building reserve situations?
1:25:48
·
64 sec
The Department of Housing Preservation and Development does not have a way to reliably obtain citywide estimates of building reserve situations at a building level.
- The New York City Housing And Vacancy Survey does not provide data at the building level
- The restriction period for rent stabilization is 15 years
- The benefit period for tax abatements can last up to 20 years based on an owner's individual tax liability
- Many rent-stabilized units are permanently restabilized, impacting the calculations
- The Department of Finance may be a better source for such building-level data
Pierina Ana Sanchez
1:25:48
Citywide estimates of building reserve situations and
Kim Darga
1:25:53
items think we have a way to answer that question.
1:25:57
And Lucy also just clarified something for me.
1:25:59
The benefit period and the restriction period for rent stabilization are not exactly the same?
1:26:04
The restriction period is 15 is 15 years.
Pierina Ana Sanchez
1:26:07
15?
1:26:08
Yes.
1:26:09
And the benefit period?
Kim Darga
1:26:10
It could be less.
Lucy Joffe
1:26:12
Right.
1:26:12
So that, as Kim explained before, we're paying out the benefit, the tax abating the taxes over a period of time, and that will depend on an owner's individual tax liability and how long that will take, but it will be up to 20 years.
1:26:26
Many of these units obviously are permanently restabilized, so some of that is a different calculation.
Pierina Ana Sanchez
1:26:32
Okay.
1:26:33
Got it.
1:26:33
Thank you.
Lucy Joffe
1:26:36
And, no, we don't unfortunately have the belly through the New York City Housing And Vacancy Survey to get that building level data, and I don't know of another source.
1:26:43
Through which we could reliably get it, but that might be a question for other city agencies such as Department of Finance.