Which type of exemption applies to residential housing and rent-controlled apartments?

The J-51 tax exemption is specifically designed to encourage the rehabilitation of residential properties and is applicable primarily to multifamily residential buildings, including those that contain rent-controlled apartments. This program is aimed at providing financial incentives to property owners for making improvements to their residential buildings, which can enhance living conditions for tenants.

The context of this exemption is particularly relevant in New York City, where housing affordability is a significant concern. By offering tax relief through the J-51 program, the city helps ensure that landlords maintain their properties and invest in upgrades, which ultimately benefits renters living in those buildings.

Other types of exemptions, such as the STAR exemption, primarily relate to property tax reductions for school taxes and are not directly aimed at rent-controlled or residential housing in the same manner as J-51. Similarly, while co-op tax exemptions provide benefits to cooperative housing, the J-51 exemption's focus on multifamily developments makes it the right choice for residential housing and rent-controlled apartments. The NYC property tax exemption is a broader category that may not specifically address the unique needs associated with rent control.