Kyle Ems questions $359 million affordable housing tax exemption
Remote testifier Kyle Ems asks Sanchez to look into Resolution 519, a $359 million Article 11 tax exemption he calls the largest ever for affordable housing preservation, questioning the cost and its spread across 20 miles and seven council districts; Sanchez says it is on the committee's radar and refers him to Land Use and Finance.
Hello.
I am happy to be here testifying or giving my testimony.
I'm here to urge Member Sanchez to please look into the largest tax exemption ever awarded for affordable housing preservation in New York's history.
I've been seeking
information diligently for six months now with no responses.
Resolution 519 awarded my landlords $359 million for affordable housing, quote unquote, and the cost is impossible according to HPD's term sheet.
and the most recent tax values of the property.
It's impossible.
I have several issues with this resolution, but the simplest is the cost.
Why can't I get an explanation of this $359 million cost?
I reached out to everybody's office, including Member Sanchez's.
And just stonewalled.
It's $359 million, the largest in New York's history.
It spans from Washington Heights to South Brooklyn, which has never been done before in a single project.
All other projects, they make sense geographically.
This one was, I don't know, it spans 20 miles in seven council member districts.
Which prevents oversight, I just please give an answer.
Thank you so much.
Thank you so much, Mr.
Ems.
I believe you're talking about an Article 11 submission.
I know that we can follow up.
If you can share.
No, you've followed up.
You've emailed us a couple of times.
It's on our radar to look into.
But thank you for joining us today and look forward to getting back in touch with you.
Mr.
Ems, I will, this is off topic, your topic is off topic to our hearing topic today, that's a lot of topics, but I do want to refer you to the Land Use Committee and the Finance Committee, which are the ones that oversee Article 11's most closely, but we will also follow up.
Thank you for your testimony.