A8651A

The New York State Senate passed Assembly Bill 8651A, which amends the Private Housing Finance Law to provide tax relief to limited-equity housing cooperatives. The bill passed 40-17, with Sen. Brad Hoylman-Sigal explaining his affirmative vote by highlighting the measure's impact on Penn South, a historic cooperative in his Manhattan district housing 2,800 residents. Hoylman-Sigal noted the bill will save Penn South $2.3 million annually through a tax cut similar to Mitchell-Lama benefits, preserving middle-class housing affordability in a market where median rent exceeds $5,000 per month. Penn South, which opened in 1962 with dignitaries including President John F. Kennedy and Eleanor Roosevelt in attendance, remains a crucial bastion of affordable housing for Manhattanites. The measure takes effect immediately.