Hochul’s Budget Proposes Tax Break for NYC Office Conversions
- Affordable housing is key to 19-year tax exemption eligibility
- As many as 20,000 new homes could be created over next decade
New York Governor Kathy Hochul’s $227 billion budget includes 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. Office conversions could potentially create as many as 20,000 homes in the next decade, according to Adams.