Urban Law Annual ; Journal of Urban and Contemporary Law Volume 18 January 1980 Revitalization of Inner City Housing Through Property Tax Exemption: New York City’s J-51 to the Rescue Janice C. Griffith Follow this and additional works at: https://openscholarship.wustl.edu/law_urbanlaw Part of the Law Commons Recommended Citation Janice C. Griffith, Revitalization of Inner City Housing Through Property Tax Exemption: New York City’s J-51 to the Rescue, 18 Urb. L. Ann. 153 (1980) Available at: https://openscholarship.wustl.edu/law_urbanlaw/vol18/iss1/5 This Article is brought to you for free and open access by the Law School at Washington University Open Scholarship. It has been accepted for inclusion in Urban Law Annual ; Journal of Urban and Contemporary Law by an authorized administrator of Washington University Open Scholarship. For more information, please contact
[email protected]. REVITALIZATION OF INNER CITY HOUSING THROUGH PROPERTY TAX EXEMPTION AND ABATEMENT: NEW YORK CITY'S J-51 TO THE RESCUE* JANICE C GRIFFITH* * I. INTRODUCTION A. The Rental Housing Situation in New York City in 1975 When the municipal bond market closed its door to New York City in the spring of 1975,' it shut out the city's program of providing mortgage loans to finance newly constructed and rehabilitated hous- ing for low- and middle-income people. New York City could no longer act as a banker; the principal resource upon2 which the city had relied to solve its housing problems was gone. Despite the infusion of more than one billion dollars over twenty * The opinions expressed in this Article are those of the author and do not neces- sarily represent those of New York City.