A Cayuga County housing project once expected to bring in $80,000 in taxes is now valued at just $20,055, according to The Citizen.
The sharp drop stems from a state law requiring affordable housing to be assessed by income and expenses — not market value. Sennett Meadows, a $15 million senior apartment complex, reported losses last year as rising costs outpaced stagnant rents.
Despite the drop, the developer says the project is stable and fully occupied — with a waitlist of over 100.
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