QUESTION
What is the breakdown of where the previous J51 tax beneficiaries were located by borough?
0:29:21
·
88 sec
The deputy commissioner explains that Queens had the highest utilization of the J51 tax exemption program, followed by Brooklyn, the Bronx, Manhattan, and Staten Island.
- The program has been heavily used for rent-stabilized housing in high-density areas
- It has also been useful for low-cost multi-family homeownership properties like co-ops and condos
- Some regulated housing like Mitchell-Lamas can qualify for partial tax exemptions under Article 2 and J51 for major capital improvements
Pierina Ana Sanchez
0:29:21
Can you give us a breakdown of where the previous J51 beneficiaries were located Mhmm.
0:29:28
By Burrow and sure you don't have 51 council districts today, so can you follow-up with 51 council district data?
Kim Darga
0:29:36
I think we have information by Burrow.
0:29:39
So this is the the heaviest use of the program has been in Queens.
0:29:47
The 2nd highest use has been in Brooklyn, then the Bronx, then Manhattan, then Staten Island.
0:29:56
And interestingly, this is a program.
0:29:59
You know, we talk about this a lot as being a you know, a critical tool for lower cost rent stabilized housing density.
0:30:06
It's also an extremely useful tool when it comes to helping low cost multifamily homeownership properties.
0:30:15
So coops and condos, mostly cooperatives.
0:30:19
And also some regulated housing.
0:30:22
So for example, mitchalamas can qualify for a partial tax exemption under Article 2.
0:30:30
That's a 10% shelter rent tax generally.
0:30:34
They could actually apply for 51 to if they're doing major capital improvements to reduce their tax liability.
0:30:41
So you see use in some parts the city that you don't actually see participation in some other programs.
Pierina Ana Sanchez
0:30:48
Got it.
0:30:49
Thank you.
