Shorted Renters: Circuit Breaker Property Tax Relief for Low-Income Renters
Summary: The continuing affordability crisis for low-income renters is exacerbated by rising property taxes that add to rental operating costs and worsen the already high share of income tenants must pay to keep their homes. Although New York State provides homeowners with relief against property tax increases, largely regardless of income, there is no comparable relief for hard-pressed renters. The report finds that high rent burdens are pervasive among low-income renters across the State, not just in New York City, and has a predominant impact on minority households, because they rely primarily on the rental market. The report recommends more equitable tax relief mechanisms in the form of a “circuit breaker” that protects low-income renters and homeowners across the State.
Issues: Affordable Housing