Bill to create a new class of vacant land in NewYork City
Baby Steps. Last year, vacant land Manhattan was moved from the low assessment ratio nonresidential to non-residential.
An incremental step to be sure, but at least in the right direction. This year, Assemblywoman Rosenthal is backing a bill that will permit a 5th class of land (vacant land) to be created in New York City. Ideally, the assessment would be 100% of market value. Ideally, the rate would be so high as to compel land speculators to get their land onto the market,reducing land prices and increasing the chances for an earlier recovery from the 2009 recession. We thank Common Ground NYC for their attention and advocacy for this bill.
