S
tate Senator Andrew Gounardes of Brooklyn and Assemblymember Grace Lee co-sponsored a bill that has passed both chambers of the state legislature, aiming to address New York City's affordability crisis. The legislation received support from the Five Borough Jobs Campaign and includes three tax incentives: REAP, LM-REAP, and RACE. These programs will promote job growth, support businesses, and reduce commercial vacancies across the city.

    The Relocation and Employment Assistance Program (REAP) has helped over 50 Brooklyn companies expand since its inception in 1987, creating more than 4,900 jobs. The new Relocation Assistance Credit for Employees (RACE) program will incentivize out-of-state businesses to fill underutilized office space, generating approximately $385 million in return to the city.

    "This legislation ensures that Downtown Brooklyn and commercial hubs remain at the forefront of innovation, creativity, and growth," said Regina Myer, president of the Downtown Brooklyn Partnership. The bill passed with a significant majority in both the Assembly (143-4) and Senate (40-19).