Chair Lee clarifies shelter rent tax cap application

Sorry, and just to follow up to the previous one.

Question.

So are you saying that no building will be charged less than 5% of the shelter rent or carrying charge?

Every, yeah, can you phrase that again?

I'm sorry.

Sorry.

So are you saying that no building will be charged less than 5% of their shelter rent?

Or did you mean the carrying charge?

The shelter rent.

So every Mitchell Lama is now paying a 5% shelter rent tax.

Okay.

And have you compared the value of each development's exemption against the cap to determine which is lower?

I don't have that information on us, but I think the larger benefit is the 5% of the shelter rent tax.

Okay, perfect.