Summary (intro 1)

Tiffany's Background (00:00 - 01:02)

  • Tiffany grew up in Brooklyn from the early 80s to mid-90s
  • She noted significant degradation in quality of life in NYC, especially for families
  • Her neighborhood in East Flatbush used to support working-class families but now has almost no children

Introduction to the Topic (01:02 - 01:56)

  • "The devil is in the math" refers to the formula the city uses for the tax system
  • Tiffany mentions this is part one of a two-part series (part two will focus on the formula for school funding)

Types of Permanent Affordable Housing (01:56 - 02:53)

  • Rent-stabilized apartments
  • HDFCs (Housing Development Fund Corporation buildings)
  • Single/multi-family homes

NYC Property Tax System Issues (02:53 - 05:38)

  • Current property tax system was established in 1981 following a lawsuit
  • The system divides properties into classes with different tax treatments:
    • Class 1: Single-family homes and 1-3 family homes
    • Class 2: Co-ops, condominiums, and residential buildings with more than 3 units
    • Class 3: Utility properties
    • Class 4: Industrial properties

Key Problems Identified (05:38 - 07:32)

  • Residential properties with more than three units face much higher tax rates
  • This hurts longtime homeowners who are "asset rich but income poor"
  • Property values are assessed by number of units rather than square footage
  • HDFC tax exemption program will expire in 2029

Community Input and Organizations (07:32 - 10:20)

  • Discussion with audience about HDFC awareness
  • Introduction of Sylvia Tyler, co-founder of the HDFC Coalition
  • Tiffany mentions that the community has the highest concentration of HDFCs in the city (about 1,300 buildings city wide)

Racial Inequity in Property Taxes (10:20 - 11:14)

  • NYU Furman Center study found predominantly African-American communities pay significantly more in property taxes than predominantly white communities
  • Estimated to be about $17 million more at the same effective tax rate across the city

 



Summary (intro 2)

Solutions to Property Tax Issues (00:00 - 03:36)

  • Tiffany acknowledges she's not a tax attorney or CPA
  • She proposes band-Aid solutions that can be used in the short-term until the whole system overhauled and made more equitable
  • Specific solutions mentioned:
    • Appeal your market value (for Class 1 properties) online (02:51)
    • Appeal your assessed value (03:03)
    • Utilize tax credits like the J51 tax abatement (03:07)
      • A new version is available until 2026
      • Allows property owners to claim benefits for rehabilitating their property

Tiffany's Background & Experience (01:02 - 02:42)

  • Board member of Met Council on Housing (oldest tenants rights advocacy group in NY state)
  • Community board member and grassroots organizer
  • Successfully advocated for a distressed HDFC at 952 St. Marks Avenue:
    • Building had fallen under the AE (Alternative Enforcement) program and TPT (Third Party Transfer)
    • Organized meetings with Commissioner Preston Nibble of Department of Finance
    • Worked with State Assemblywoman Dickens

Historic Preservation (03:36 - 03:57)

  • Mentions the neighborhood has historic designation status
  • References West Harlem Community Preservation Organization

Call to Action (04:00 - 04:48)

  • Appeals for community support beyond just votes
  • Asks for contributions and volunteers ("all hands on deck")
  • Notes election date: June 24th
  • Early voting starts June 14th