Establishes a tax rebate program for rent-stabilized housing in New York targeting buildings with high property tax burdens.

This bill creates a tax rebate program for rent-stabilized housing in New York. It targets buildings with individually occupied rent-stabilized apartments where the property tax burden significantly exceeds rental income. The program provides rebates to eligible building owners, calculated as fifty percent of the property tax amount that exceeds the seventy-five percent threshold.

Establishes a tax rebate program for rent-stabilized housing in New York targeting buildings with high property tax burdens.

This bill creates a tax rebate program for rent-stabilized housing in New York. It targets buildings with individually occupied rent-stabilized apartments where the property tax burden significantly exceeds rental income. The program provides rebates to eligible building owners, calculated as fifty percent of the property tax amount that exceeds the seventy-five percent threshold.