"The J-51 Tax Incentive Program has been one of New York City's most effective tools for preserving the aging, rent-regulated housing stock that millions of New Yorkers depend on today."
"Across New York, many rent-stabilized buildings are showing clear signs of financial and physical strain. We've seen total per unit expenses rise 28 percent since 2020, while rents have only grown 11 percent."
"When expense growth outpaces rent growth by more than double, the consequences quickly become visible. Without sufficient revenue to cover building operations, something has to give."
"Over time, these decisions compound, leading to deteriorating housing conditions that threaten the stability and affordability of homes for many New Yorkers."
The J-51 Tax Incentive Program is crucial for maintaining New York City's aging, rent-regulated housing stock. As expenses for these buildings rise significantly, the gap between rent growth and operational costs widens, leading to deferred maintenance and deterioration. Without reinvestment, affordable homes are at risk, threatening the stability they provide to millions. Addressing existing housing challenges is essential alongside new construction efforts to effectively tackle the ongoing housing crisis.
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