Senator Baskin Introduces Legislation to Tackle the State’s Long-Vacant “White Elephant” Buildings

Legislation Will Catalyze Redevelopment of Long-Vacant Historic Buildings, like Buffalo Central Terminal, Richardson Olmsted Campus, and former AM&A building

Senator April N.M Baskin

New York State Senator April N.M. Baskin on Mon day announced legislation to address New York State’s largest and most chronically vacant historic buildings, commonly known as “white elephants.”

These structures are defined as certified historic buildings that are very large in scale, have been vacant for at least 10 of the past 15 years, and require more than $50 mil lion to rehabilitate. This legislation strengthens the New York State Historic Rehabilitation Tax Credit program, an already successful economic development program.

“The New York State Historic Rehabilitation Tax Credit has been a resounding success since 2010,” Senator Baskin said. “But the current $5 million cap is simply not enough to tackle these significantly larger projects. By strengthening that incentive, we make it financially realis tic to bring these properties back to life. We shouldn’t let buildings like these sit vacant when they could be economic engines for our communities.”

Senate Bill S6021A would raise the cap on available credits from $5 million to $15 million for qualifying white elephant buildings. The State Historic Preservation Office has identified 35 buildings statewide that could qualify, including Buffalo’s Richard son Olmsted Campus, Central Terminal, and potentially the DL&W Terminal, Statler Tower, former AM&A’s buildings, and the Pierce Arrow Factory. The companion bill, A10366, has been introduced by Assemblymember Pamela Hunter (D-Syracuse).

Since 2010, the New York State Historic Rehabilitation Tax Credit has supported more than 1,500 projects rep resenting over $17 billion inn investment. The program has created 14,000 housing units, including 4,300 affordable units, and supports thousands of construction jobs annually. Historic rehabilitation also generates significant secondary employment, with each 10 construction jobs creating an additional 1.8 to 2.4 jobs in other sectors.

“State tax credits lever age federal funding and private investment, stabilize neighborhoods, support new businesses, and create new housing. Increasing this cap may well determine whether these buildings are saved and reused – or lost forever,” Senator Baskin concluded.