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The other is the city's property tax abatement program.
The most comprehensive tax abatement program available to co-op shareholders is the Co-op and Condominium Tax Abatement Program.
"What we need is a tax abatement program for businesses that have operated less than five years," Ms. Purcell said.
At his board's request, he came up with a solution: a tax abatement program that would apply to any Fort Lee co-op converting to condo.
What's more, many of these overleveraged, less well established owners are among the several hundred thousand who bought under the 421-a tax abatement program.
Thanks to the city's 421b tax abatement program, the taxes for the first two years of ownership are based solely on the assessed value of the raw land.
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Another 700 to 800 buildings are not eligible, generally because they are already participating in other tax abatement programs.
They argue that Charles River overstated the impact of the living wage by lumping in tax abatement programs not targeted by living wage legislation.
Four members of the commission are specifically focused on evaluating the state's cash grants and the school tax abatement programs.
At the heart of the dispute are the complex rules of tax abatement programs and the obligations of a landlord to tell tenants that their rent protections will someday expire.
Reducing land use and other regulations, creating economic incentive zones and tax abatement programs and transferring publicly owned and unused property are only a few of the development devices that don't require confiscating property.
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