Hochul’s Budget Proposes Tax Break for NYC Office Conversions

February 2, 2023 – Media Mention

Chair of Herrick's Land Use and Zoning Group, Mitch Korbey, was quoted in Bloomberg discussing Gov. Kathy Hochul's budget for NY State for 2023 and the plan to include proposals that would make it easier to convert older office buildings into residential use. Property-tax exemptions would be offered to landlords who agree to include affordable housing in their office conversion projects, according to the state budget. The proposal expands on recommendations by a task force established by New York City Mayor Eric Adams to transform underused offices into homes.

"The time has come for this. Buildings should take on a second life," said Mitch. "But if we don’t move on the tax relief front, we’re not going to be able to produce the housing."

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