NYS Senate Majority Leader
Andrea Stewart-Cousins
Legislative Office Building, Room 907
Albany, NY 12247
NYS Assembly Speaker
Carl Heastie
Legislative Office Building, Room 932
Albany, NY 12248
Dear Majority Leader Stewart-Cousins and Speaker Heastie,
As Members of Congress focused on addressing New York City’s affordability crisis at the federal level, we believe that every tool must be leveraged at every level of government to create jobs and strengthen neighborhoods.
Today, we are writing to our partners in the state government to express our support for vital tax incentives that have proven effective at helping NYC thrive (S8063-A/A8676). The Relocation and Employment Assistance Program (REAP), Lower Manhattan REAP (LM-REAP), and Relocation Assistance Credit for Employees (RACE) would work hand-in-hand to spur job creation and provide significant contributions to communities across the five boroughs.
At a moment of historic commercial vacancy – and with further economic uncertainty on the horizon – it is more important than ever to double down on these proven tactics. Investing in these initiatives will help New York City tackle its ongoing affordability crisis and provide business owners with the resources needed for their success and the success of their entire neighborhoods.
REAP has played a crucial role in fostering business growth and job creation across all five boroughs. Incentives like REAP don’t just benefit the businesses that receive them—they benefit all New Yorkers. Last renewed in 2020, the program supports a wide range of jobs, from high paying office roles to essential manufacturing and industrial jobs that are crucial for New York’s economic well-being. Ultimately, this program is about recognizing businesses’ vital role in the New York City’s economy and communities and, in turn, providing them support they deserve to thrive.
LM-REAP is focused on boosting Lower Manhattan – NYC’s second largest central business district currently has record high office vacancies, even surpassing the aftermath of Sept 11th and the 2008 financial crisis. Now is not the time to end LM-REAP – it is critical that we extend this incentive so we have every tool available to promote job growth, support small and mid sized businesses looking to grow, and strengthen the entire district.
Meanwhile, RACE is a new and innovative program that supplements REAP by incentivizing additional economic growth in Manhattan and across the city. Introduced by the Adams administration at the city level and championed by Governor Hochul at the state level, this program offers a tax incentive for out-of-state businesses to fill underutilized office space,
helping boost NYC’s post-pandemic recovery and bringing more wealth into the state overall. At a time when costs are rising and Manhattan office space is struggling, this is a much-needed program to revitalize NYC’s core economic engine while keeping our state affordable and enticing to new businesses.
These common-sense initiatives will promote businesses of all sizes in every borough and we know that a stronger New York City buoys the entire state’s economy.
Sincerely,
Gregory W. Meeks
Member of Congress
Grace Meng
Member of Congress
Ritchie Torres
Member of Congress
Thomas R. Suozzi
Member of Congress
Adriano Espaillat
Member of Congress
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