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Senate passes bill restricting "traveling" housing finance corporations, sets tests for tax-exempt deals
Summary
The Senate passed House Bill 21 to curb so-called "traveling" housing finance corporations that sponsor tax-exempt conversions of existing apartments without local approval or demonstrable tenant rent benefits.
The Senate adopted House Bill 21 on Wednesday, a measure the sponsor said is aimed at curbing a national marketing practice that removes multifamily properties from local tax rolls without demonstrable public benefit.
Senator Bettencourt, the Senate sponsor, described the deals in stark terms on the floor: "These deals are being presented in New York, as fait accompli using the entire exemption of property taxes. And importantly, these deals, there's no evidence that, there's been actual rent reductions." He said some offerings claimed tax exemptions for up to 99 years and that the state had seen roughly $16 billion of these transactions.
Under HB 21 as debated on the floor, an HFC…
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