Advocates with the bill have superior hopes that this new revamped J-51 plan might be a lot better than the last. The prior iteration came underneath weighty criticism soon after it was exposed that for more than 20 years, landlords of the estimated fifty,000 apartments pocketed the tax split though charging tenants marketplace rents, forcing out residents who couldn’t afford the increases. The former Variation from the tax abatement, “mostly serves the passions of landlords and builders, not tenants,” argued Marty Rowland, social justice lecturer within the Henry George University of Social Science, inside of a 2022 op-ed for Town Restrictions.
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“We’re following what the tax code presently regulates us to perform; In case the legislators want to alter a little something, we’ll abide by that too,” Youthful claimed.
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