Tompkins County
New York

Report or Discussion Item

Research Update on Condominiums in New York State - Adam Bronfin, Cornell University


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Meeting History

Apr 16, 2018 3:00 PM  Housing Committee Regular Meeting

Ms. Robertson stated Adam Bronfin is a Cornell University Senior who is working in the Planning and Sustainability Department and focusing on condominium development in New York State.

Mr. Bronfin continued the conversations regarding condominium development and spoke of turning a Fall Creek home into a condominium. He stated one barrier is that it would still require the Attorney General's approval. He spoke of the differences between developing a property with rental units and a property with for sale units. The for sale units are a much riskier investment and therefore deterrent from developers building them. He stated outside developers are hesitant of the process in Ithaca and Tompkins County even though they may be specialized in condominiums. He also said the Community Investment Incentive Tax Abatement Program (CIITAP) in the City of Ithaca only applies to rental units. Another barrier Mr. Bronfin has found is that lenders are cautious about lending funds for condominiums partly because there is not history of condominiums in Tompkins County. Mr. Bronfin will provide a more in-depth report at next month's meeting.

Ms. Kelles asked Mr. Bronfin to expand on the statement of developers being hesitant of the process in Ithaca and Tompkins County. Mr. Bronfin stated the community was anti-development particularly for out-of-town developers.

Ms. Robertson spoke of the rental market softening and it becoming a healthier environment in regard to the rental market in Ithaca and Tompkins County.

Ms. McDonald stated at the last Landlords Association meeting the landlords expressed their concerns about rental units becoming vacant and are beginning to offer more “perks” since they are seeing more development.