From WNY Media.Net:
Written by Staff
Friday, 23 June 2006
Buffalo, NY – Assemblymember Sam Hoyt (D-Buffalo, Grand Island) announced the passage of legislation which he introduced that would create a tax exemption incentive for capital conversion improvements of multiple unit buildings to one or two family owned units. This would expand the number of owner occupied single family dwellings, which has been correlated to promoting neighborhood stabilization.
“An owner that occupies his property is more likely to invest in its up keep and commit to maintaining the value of the neighborhood than tenants that move in and out. Houses that are in good condition enhance neighborhood quality of life, and strong neighborhoods with well kept houses are less likely to fall prey to ‘house flipping’ scams,” said Hoyt.
