Enacts the New York city arts space act

S 1077, the New York City Arts Space Act, creates tax benefits for property owners who rent affordable arts spaces to eligible organizations. It directly affects NYC-based nonprofit arts organizations (with 501(c)(3) status) and property owners of qualifying apartment buildings. The bill provides reduced property taxes based on how much below $20 per square foot the rent is charged - e.g., renting at $15/sq ft earns a 5% tax benefit increase. Property owners must maintain rents at or below $20/sq ft (with annual adjustments ≤3%), ensure spaces meet city occupancy standards, and provide tenant improvements ($50-$100/sq ft) to qualify for full tax exemptions in early years.