Enacts the New York city arts space act

• Democratic5

◆ The sponsor's argument

Why Julia Salazar says this is needed

New York City has long been recognized both nationally and interna- tionally as a center for arts and culture. From renowned institutions like Lincoln Center and the Metropolitan Museum to small local theatres and art galleries, the diversity and vibrancy of its artistic life is unparalleled. New York's public and private investment in the arts is also the most robust in the nation. New York's arts and culture sector is a key part of the City's economy accounting for thousands of jobs and billions in economic activity. For this sector to continue to thrive and New York to maintain its premier position in the arts and culture world, the issue of affordability must be addressed. The City's 2019 Cultural Action Plan cites the need to support afforda- ble living, working, and presentation spaces for artists and th e arts as a top priority. Consistent with this, the City's 2019 "Small Theater Study" found that the cost of real estate poses a major challenge for small theaters. This legislation seeks to help address the issue of affordability by leveraging the opportunity afforded by the conversion of commercial buildings to primarily residential use. The State's Fiscal Year 2024-25 budget included provisions for an "Affordable Housing Commercial Conversion" program for New York City that would provide property tax benefits to building owners/developers in exchange for affordable housing. This bill builds on this policy initiative by providing an option for property owners to obtain deeper tax benefits in exchange for providing affordable arts space. Such space would fall under the allowance the existing legislation has for nonresidential space.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.