Q&A
Scale and comparison of past and potential future TPT rounds
1:00:35
·
121 sec
Council Member Restler inquires about the scale of previous TPT rounds and potential future rounds under the proposed legislation. Deputy Commissioner Darga provides historical data and insights on how the new methodology might affect the number of properties involved.
- Past TPT rounds typically involved fewer than 500 properties at commencement
- The last round (Round 10) started with 420 properties, with 62 transferring in 2018
- The new methodology, which eliminates block pickup, may result in fewer properties being able to redeem
- In Round 10, buildings at the start had an average of $250,000 per unit in charges, while transferred properties had about $800,000 on average in municipal debt
Lincoln Restler
1:00:35
Yeah.
1:00:35
Okay.
1:00:35
That's helpful.
1:00:36
And I was just also interested in trying to understand a sense of scale.
1:00:43
My recollection was that It was 60 odd properties in round 10 when the in the last TPT round that we did.
1:00:54
If this were if this version of the if this legislation were to move forward based on the analysis you've already conducted, do you have a sense do you think that we do you have a sense of do you think we would be capturing fewer buildings in a new iteration of TPT with the modifications that we've made?
Kim Darga
1:01:10
So historically, the first ten rounds At commencement, there were fewer than a 500 properties.
1:01:19
The last round had 420 properties at start, and there were 62 in 2018 that transferred.
1:01:27
There's a couple that transferred since then because litigation has been resolved.
1:01:33
We do think that with the elimination of the block pickup and the proposed alternative methodology that would look at buildings that have the highest amount immunosupplet charges, violations across all of New York City that the number of properties that would be able to redeem would probably go down.
1:01:57
So we don't know what that percentage would be because we haven't done it before.
Lincoln Restler
1:02:01
Yeah.
Kim Darga
1:02:03
But, you know, if you look at round 10, for example, at start, buildings had on average about 250,000 a unit and charges the properties that transferred had about $800,000 on average municipal debt.
1:02:22
So, you know, the buildings that can pay, do pay, and the owners that don't have their resources or ability to do so, are them more likely to end up to that end, end up in there in that end?
Lincoln Restler
1:02:36
That is helpful.
