Establishes a tax rebate program for rent-stabilized housing in New York City.

New York S07925 establishes a tax rebate program for rent-stabilized housing in buildings where the property tax burden significantly exceeds rental income. Eligible buildings must have at least 50% of units rent-stabilized and individually occupied. Rebates are calculated as 50% of the property tax amount exceeding 75% of gross stabilized rent. Buildings must meet capitalization rate and safety violation criteria to qualify. Applications include financial disclosures and must be submitted annually. The program will initially pilot in low-income areas.

Establishes a tax rebate program for rent-stabilized housing in New York City.

New York S07925 establishes a tax rebate program for rent-stabilized housing in buildings where the property tax burden significantly exceeds rental income. Eligible buildings must have at least 50% of units rent-stabilized and individually occupied. Rebates are calculated as 50% of the property tax amount exceeding 75% of gross stabilized rent. Buildings must meet capitalization rate and safety violation criteria to qualify. Applications include financial disclosures and must be submitted annually. The program will initially pilot in low-income areas.