BILL NUMBER:  S1550

 TITLE OF BILL :

An act to amend the New York city charter, in relation to rezoning and
municipal building impacts in cities of one million or more

 SUMMARY OF PROVISIONS :

Section 1 of the bill amends the New York city charter by adding two
new section 201-a and 201-b that provide the following:

* 201-a. Rezoning. When a municipality rezones or makes a zoning text
change to an existing RI , R2, R3, R4 or R5 zone that has been
previously rezoned within the past fifteen years, the municipality
must pay a property owner three times the difference between the price
paid for the property for any sale made subsequent to the effective
date of the rezoning and the market value of the property as reflected
on the last property bill issued prior to the effective date of the
subsequent rezoning if the purchase price is less than the market
value of the property as reflected on the last property bill issued
prior to the effective date of the rezoning. This provision will not
apply to properties in existing overlays in RI, R2, R3, R4 or R5 zone.

* 201-b. Municipal building impacts and residential neighborhoods. If
a municipality constructs a municipal building that abuts an R1, R2,
              

R3 or R4 district, a municipality must pay a property owner three
times the difference between the price paid for the property for any
sale made subsequent to the construction of the municipal building and
the market value of the property as reflected on the last property
bill issued prior to the completion of the construction if the
purchase price is less than the market value of the property as
reflected on the last property bill issued prior to the construction.

Section 2 of the bill provides an immediate effective date.

 JUSTIFICATION :

The process of rezoning in the city of New York is a long and arduous
one that often involves years' worth of extensive work by the
Department of City Planning in conjunction with community input.

This process often takes on special meaning when it involves rezoning
of residential neighborhoods because it directly affects small
property owners who can be significantly impacted by a change in
property values as a result of a rezoning.

A similar situation of financial instability can be brought on for
residential property owners when the city constructs a municipal
building directly abutting an RI, R2, R3 or R4 area.

This legislation will give residential property owners some form of
protection when the city of New York decides to engage in another
rezoning in their area within 15 years of a prior rezoning or when
then city constructs a municipal building that abuts their area if
their property losses its value as a result of the new rezoning.

 PRIOR LEGISLATIVE HISTORY :

2015-16: S.5044

 FISCAL IMPLICATIONS :

None

 EFFECTIVE DATE :
This act shall take effect immediately.