GOVERNOR HOCHUL INITIATES TAX CUTS FOR PENN SOUTH RESIDENTS

Governor Kathy Hochul signed legislation to initiate tax cuts for Penn South residents. This action permits New York City to pass local tax relief for Penn South. The legislation signed today builds on the Governor’s FY26 Budget win, which automatically reduced taxes in half for New York City Mitchell-Lama households. This action is estimated to save Mitchell-Lama residents in New York City up to $50 million annually. The Budget also authorized local governments to offer similar tax relief to Mitchell-Lama developments outside New York City.