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Committee recommends ordinance to limit ‘phantom’ GO bond pass-throughs to tenants
Summary
The Rules Committee voted unanimously to recommend a change to the administrative code that recalculates how landlords pass general obligation bond costs to tenants, tying pass-throughs to the tenant’s move-in-year tax-rate change (or 2005) and expanding tenant hardship relief.
The Rules Committee on April 15 recommended an ordinance that would change how landlords calculate tenant pass-throughs for general obligation (GO) bonds, with sponsors and tenant advocates saying the rule will stop some landlords from charging tenants for bond-related costs that have not actually raised property tax rates.
President Aaron Peskin, a cosponsor, said the ordinance uses the tenant’s move-in date (or 2005, whichever is later) and the specific issuing entity’s tax-rate change to compute a tenant-level pass-through. "This…
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