Sen. Andrew Gounardes' recently passed tax incentive bill renews the Relocation and Employment Assistance Program (REAP), originally started in 1987. This bill seeks to attract out-of-state businesses by offering incentives to occupy vacant commercial spaces in New York City. Randy Peers, President of the Brooklyn Chamber of Commerce, praised the legislation as a significant achievement for economic growth in Brooklyn and all five boroughs. The initiative aims to foster more job opportunities and tackle the local affordability crisis by drawing new businesses to the area.
"This is a major victory for Brooklyn and for all five boroughs," said Peers, who is also co-chair of the Five Borough Jobs Campaign, which advocated for the legislation. "Programs like REAP have already helped more than 50 companies expand in Brooklyn, supporting thousands of good-paying jobs and strengthening our local economy."
"With today's passage, we now have the tools to attract even more businesses to our communities, create opportunities closer to where people live and help address our affordability crisis head-on."
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