Residents of all NYC’s Mitchell-Lama houses, the state’s affordable co-op housing program, are positioned to pay less in taxes, thanks to new legislation that Gov. Kathy Hochul is set to sign into law on Tuesday.

The new law, sponsored by Assembly Member Tony Simone and state Sen. Brad Hoylman-Sigal from Manhattan, would allow city officials to pass local property tax relief for Chelsea’s Penn South residents.

It also builds on the governor’s recent budget, which automatically cuts taxes 50% for the nearly 100,000 New York City Mitchell-Lama households by providing a deeper shelter rent tax benefit.

The governor made the affordability move for Mitchell-Lama residents in part because the buildings were built in 1955 and need maintenance and updates.

However, other economic factors also

See Full Page