Committee on Finance meeting
January 29, 2026, 10:30 AM
*
The Committee on Finance held hearings and voted to advance a package of land bank and tax lien bills, including Int 0570-2024 (creating a city land bank) and Int 1407-2025, Int 1419-2025, and Int 1420-2025 (governing the sale, reporting, and transfer of tax liens), all of which the mayor had vetoed. The committee also approved Res 0034-2026, extending the real property tax exemption for Penn South, a Mitchell-Lama cooperative in Chelsea.
What was discussed
- Chair Linda Lee convenes the Finance committee's veto-override vote Council Member Linda Lee, Chair of the Committee on Finance, opened the committee's vote on advancing a vetoed package of land bank and tax-lien bills.
- Members explain support for the land bank and tax-lien overrides Council Member Gale A. Brewer described Int 0570-2024 as the land bank bill that would replace the city's private, high-bidder tax-lien sales, and Council Member Erik Bottcher spoke about protecting affordability anchors like Penn South in his Chelsea district; Council Member Mercedes Narcisse said
- Committee advances the land bank and tax-lien bills and approves a lease amendment On a coupled roll call, the Committee advanced Int 0570-2024 (city land bank) and the tax-lien bills Int 1407-2025, Int 1419-2025, and Int 1420-2025 for a veto override, and approved Res 0034-2026; Council Member Phil Wong voted no on all items except Int 1419-2025, and the land bank bill (Int
Agenda
9 items
- Int 0570-2024 A Local Law to amend the administrative code of the city of New York, in relation to creating a land bank Approved by Committee
- M 0008-2026 Communication from the Mayor – Veto and disapproval of Introductory Number 570-B of 2024 - A Local Law to amend the administrative code of the city of New York, in relation to creating a land bank Filed by Committee
- Int 1407-2025 A Local Law to amend the administrative code of the city of New York, in relation to the sale of tax liens Approved by Committee
- M 0016-2026 Communication from the Mayor – Veto and disapproval of Introductory Number 1407-A of 2025 - A Local Law to amend the administrative code of the city of New York, in relation to the sale of tax liens Filed by Committee
- Int 1419-2025 A Local Law to amend the administrative code of the city of New York, in relation to reporting regarding unresolved tax liens, and to repeal and replace section 11-356 of such code, relating to a temporary task force on tax liens Approved by Committee
- M 0018-2026 Communication from the Mayor – Veto and disapproval of Introductory Number 1419-A of 2025 - A Local Law to amend the administrative code of the city of New York, in relation to reporting regarding unresolved tax liens, and to repeal and replace section 11-356 of such code, relating to a temporary Filed by Committee
- Int 1420-2025 A Local Law to amend the administrative code of the city of New York, in relation to the transfer of tax liens to a land bank Approved by Committee
- M 0019-2026 Communication from the Mayor – Veto and disapproval of Introductory Number 1420-A of 2025 - A Local Law to amend the administrative code of the city of New York, in relation to the transfer of tax liens to a land bank Filed by Committee
- Res 0034-2026 Resolution approving a proposed Tenth Amendatory Agreement between the City of New York and Penn South in relation to an exemption from real property taxes for the properties located at 212-226 9th Avenue (Block 747, Lot 1), 311-351 West 24th Street (Block 748, Lot 1), 250-268 9th Avenue (Block 749 P-C Item Approved by Comm