Chair Lee on shelter rent tax cap and development-level tax liability

And then in terms of the tax exemption and tax liability, in 2025, the state imposed a cap, as we heard before.

And the cap for each development is either 5% if it's shelter, rent, or carrying charges.

Presumably, some developments will not reach the cap because the value of their tax exemption and title.

relieves them to a lower tax liability.

So how many Mitchell Lama developments in the city will reach the cap this year and how many will have a local tax liability less than the cap?

So every Mitchell Lama development has already moved from the 10% shelter rent tax down to the 5% shelter rent tax.

Also excited for J51 to be reauthorized because that is another tool in our toolbox if there's capital work happening to be able to lower their property tax liability.

So if we can layer in the lower 5% shelter rent tax with J51 as we're doing capital work, that's another tool that we could use to minimize the increases.

Okay.