New York State legislators are proposing a bill called “recovery lease” program
New York State legislators are proposing a bill called “recovery lease” program to incentivize landlord to restructuring lease in exchange for a long term property tax incentive. It will be a program to provide relief to both small business owners and Landlord impacted by the COVID-19 pandemic.
The program would grant property tax abatements to Landlord, who enter into recovery leases that last at least ten years and limit annual rent increases. Commercial tenants restructuring their current leases, or those entering into new leases for spaces left vacant for reasons other than eviction would be eligible to enter into a recovery lease.
The bill is being proposed and not final yet and not passed. I will advise of any developments. Stay tuned.
Written by:Nehal Trivedi