[Op-Ed] City of Yes Needs a Tax Cap for New Construction

The Old Astoria Neighborhood Association (OANA) has released a new op-ed, “City of Yes Needs a Tax Cap for New Construction,” examining a major obstacle facing small property owners who want to create new housing under the City of Yes initiative. The piece argues that while the city encourages homeowners to add apartments and accessory dwelling units, the current property tax system can impose sudden tax increases on those improvements, discouraging participation. OANA calls for a phased-in tax approach for new housing created through City of Yes projects, helping align the city’s housing goals with its tax policies. The op-ed highlights the need for practical reforms that support both neighborhood growth and housing production across the five boroughs.

Read the op-ed here.