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Board approves first-reading changes to how general obligation bond pass-throughs are calculated for tenants
Summary
The board approved on first reading an ordinance changing the calculation for general-obligation bond property-tax pass-throughs to tenants to be based on the tenant's base year (or February 2005) and removed a Rent Board filing requirement for smaller landlords.
Supervisor Peskin introduced an ordinance (item 19) that would change how landlords may pass through increases tied to general obligation (GO) bonds to tenants. After discussion and a small amendment to address filings by smaller landlords, the board approved the ordinance on first reading.
Peskin traced the policy background to a long-standing local process related to GO bonds and their pass-throughs to tenants. He said: "So if there is no increase in the property tax rate from the tenant's base year to after general obligation bond is passed, there is no increase…
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