Updates value capture mechanisms for NYC and the MTA

S 4203 updates New York City and MTA value capture mechanisms, making temporary 2016 provisions permanent. It requires municipalities to publish two analyses before public hearings: property value increase projections and transportation engineering data, in machine-readable formats, along with public comment processes. The bill allows cities to use methods like tax increment financing, special transportation assessments, or land value taxation to capture increased property values from transit projects, limiting charges to actual project benefits. This directly affects NYC municipalities and the MTA when funding mass transportation capital projects through local revenue mechanisms.