The bill also renewed the J-51 program of property-tax abatements and tax exemptions, which had expired at the end of 2011. This program is intended to encourage owners of rent-regulated buildings to improve them, but according to a June 2012 analysis by the Citizens Housing and Planning Council, more than half the J-51 benefits in the last ten years went to market-rate housing, not affordable housing. The program costs the city of New York $257 million annually in lost tax revenue.