David Shamshovich Quoted in The Real Deal on Article XI Tax Relief Program for Rent-Stabilized Buildings

Belkin Burden Goldman, LLP (BBG) Partner David Shamshovich was featured in The Real Deal article by columnist Erik Engquist discussing the challenges owners face when pursuing Article XI tax benefits for financially distressed rent-stabilized properties.

The article examines how the program, which can provide long-term property tax relief in exchange for affordability and regulatory commitments, has become increasingly difficult to access as demand far exceeds available administrative capacity. According to David, the limited number of projects HPD can process has created long odds for applicants seeking relief.

“In the fall 2025 round, HPD had more than 75 applications and capacity for only one to three projects,” David told The Real Deal.

Drawing on his experience representing owners in Article XI applications, Shamshovich highlighted the extensive review process and the significant obligations that accompany participation in the program.

“This isn’t a conventional tax exemption you apply for and receive,” he explained. “It’s a 40-year regulatory relationship.”

The article explores the growing financial pressures confronting many owners of rent-stabilized buildings, including rising operating expenses, insurance costs, interest rates, and property taxes. For some owners, Article XI remains one of the few available avenues for obtaining meaningful financial relief, though securing approval can require substantial time, expense, and planning.