| 485-x |
Ground- up multifamily residential construction |
Applied to qualified new residential construction projects
Requires 6 or more dwelling units
Construction must start after June 15, 2022 and on or before June 15, 2034
Construction must be completed by June 25, 2038
Must comply with applicable affordability requirements, and wage requirements for certain larger projects |
Option A
• Very Large 150+ units in Wage Zone A
• 5 year 100% construction benefit; years 1-40 100% Exemption + mini tax
• Very Large 150+ units in Wage Zone B
• 3 year 100% construction benefit; Years 1-40 100% exemption + mini tax
• Large 100+ units
• 3 year 100% construction benefit; Years 1-40 100% exemption + mini tax
Option B
• Modest 6-99 units
• 3 year 100% construction benefit + mini tax; Years 1-25 100% tax exemption + mini tax; Years 26-35 20% tax exemption + mini tax
Option C
• Small 6-10 units outside of Manhattan on zoning lots permitting less than 12,500 square feet for residential use
• 3 year 100% tax exemption + mini tax; 10 year 100% tax exemption after construction + mini tax
Option D
• 3 year 100% construction benefit + mini tax; Years 1-14 100% Years 15-20 25% after construction benefit + mini tax |
Active |
| 467-m |
Office- to- residential and other qualifying conversions |
Converting non- residential buildings to residential use
Building must have 6 or more dwelling units after conversion
Conversion must start after December 31, 2022 and on or before June 30, 2031
Construction must be complete on or before December 31, 2039
BUilding must operate as rental housing and comply with affordability requirements |
- During Construction: 100% tax exemption up to 3 years
- Years 1-30: 90% tax savings inside MPDA, 65% outside MPDA
- Year 31: 80% inside MPDA, 50% outside MPDA
- Year 32: 70% inside MPDA, 40% outside
- Year 33: 60% inside MPDA, 30% outside MPDA
- Year 34: 50% inside MPDA, 20% outside MPDA
- Year 35: 40% inside MPDA, 10% outside MPDA
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Active |
| City of Yes Conversion Provisions |
Residential conversion of existing buildings |
Expands non- residential conversions citywide, and moves eligibility date to 1991. This allows a wider variety of residential conversions. |
Citywide conversion eligibility
Allows many conversions as- of- right not needing ULURP, City Planning Commissions, or City Council approval
Increases the number of building eligible for residential conversion |
Active |
