467-m is a New York State property tax law that incentivizes developers to convert underutilized commercial buildings into affordable housing through property tax exemptions. The 467-m program took effect in January 2025 as part of the FY 2025 New York State budget legislation. Buildings that were at least 90% nonresidential before conversion and are converted into long-term residential rental housing may qualify for 467-m benefits, excluding hotels and Class B multiple dwellings. Under the program, 25% of units must be affordable and rent-stabilized. The program provides a partial real property tax exemption for eligible conversion projects for either 25, 30, or 35 years, depending on the construction start date, including up to three years of a 100% tax exemption during construction followed by a long-term exemption period with gradually decreasing benefits. The 467-m program creates an economic incentive to convert buildings, especially when combined with the City of Yes for Housing Opportunity conversion text amendment, which removed zoning barriers that previously prevented many office-to-residential conversions. (NY Real Property Tax Law 467-m, New York State Senate, verified June 2026)