NYC Council proposes to eliminate property taxes for low income co-ops

The New York City Council is proposing to eliminate property taxes for the city’s 1,271 limited-income co-ops in exchange for tighter rules. The proposed rules would offer full tax abatements only to co-ops that sign tougher agreements on how the buildings are operated. Strict limits would be set on both the income of buyers and the price at which units could be sold. The rules would also require co-ops to hire outside managers. More on this story can be found here.