The J-51 tax incentive program, the most successful housing rehabilitation program in New York City history, expired on December 31, 2011 (The J-51 program is 11-243 of the NYC Administrative Code, which is authorized by 489 of the New York State Real Property Law).
It will be up to the New York State legislature to decide to renew the program and under what terms. However, one likely argument that will be made, that J-51 somehow contributes to the gentrification of neighborhoods, seems to have already been addressed by the Court of Appeals.
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