Relates to tax abatements for building owners in a city having a population of one million or more who complete exterior repairs

This bill, the "RESTORE Act," provides property tax abatements for building owners in cities with over one million residents (like New York City) who complete required facade repairs and remove associated scaffolding or sidewalk sheds within specific timeframes. Owners who finish repairs and remove scaffolding within three months receive a 50% tax break on eligible repair costs or property taxes, decreasing incrementally to 5% if completed within 12 months. Delays beyond 18 months trigger penalties, with fines up to 25% of annual property taxes. It directly affects building owners - including landlords, co-ops, and condo associations - by incentivizing timely repairs to meet NYC's facade safety requirements.