ALBANY, NY-This morning, we reported on the J-51 housing reform bill passing here. IN the piece, our Real Estate Forum managing editor Paul Bubny explained that this means tax benefits will no longer be available to developers that are converting commercial buildings to residential use unless those conversions receive “substantial governmental assistance.”
Needless to say, it's a pretty big deal, and one that may see affordable housing units placed in luxury condominiums in Manhattan.
As a summary, Sheldon Silver, the Assembly Speaker, offered up the following quote in a statement:
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