Council Member Epstein on shelter rent tax reduction to zero and J51
Epstein asks about getting shelter rent tax to zero and whether HPD will advocate for it. Phillips points to J51 as the best tool to get close to zero. Epstein asks about forgivable loans; Phillips says they're structured as deferring and accruing with a balloon.
So I represent hundreds of HDFC co-ops.
I represent four Mitchell Lamas.
I've never heard from HPD saying, hey, we're really recommending this Mitchell Lama do an increase.
Can you help us set up a meeting with them?
Can you encourage the board to propose an increase?
Why not?
collaborate with your partners in government to make sure that happens.
I mean, we would be happy to collaborate with anybody.
I would love that because, you know, we know our municipal alimony.
We talk to them regularly.
We don't see their finances, so we don't know what they're doing.
The only time we hear about it is when there's a proposed increase and they're asking for 20% and everyone's, oh, my God, this is crazy.
We would rather see a 2% increase every year to ease it out over time.
That's easier for folks.
Yeah, and I think under this administration, we'd be happy to reach out a little bit more proactively.
Great.
And it sounds like with the Gale-Brewer's roundtable, we can talk about all these amazing issues.
Dying for a roundtable.
I'm looking forward to it.
I want to be there, so please invite me to it.
Can ever these Mitchell Alamas get to 0% tax?
I know we talked about, you know, I'll take the win on the reduction from 10% to 5% of the shelter rent tax, because we did that last year in Albany.
We wanted to get to zero, but, you know, we'd love to see the administration support that next year to go to zero.
I hope HPD will be on board.
But are there other ways to get to zero through J51?
Yeah, so you took the words right out of my mouth.
We can't get quite to zero with J51, but we can get as close as possible depending on the capital work.
Yeah, any other available options for you to get closer to zero?
Not, I don't think, but besides J51, I think that's the biggest tool in our toolkit at the moment to get to as close to zero.
And is there a reason we can't get other tools in your toolkit to help you get to zero besides making them put lots of money into capital improvements to get it to zero?
This could be a topic for the roundtable.
I love this.
All right, I'm going to keep going if I can.
Just a couple more.
Okay, sorry about that.
And so why not put capital dollars on the table?