Establishes city community improvement projects

S 4040 allows property owners in New York City to jointly petition the city to create community improvement projects focused on shared infrastructure. Specifically, it enables owners representing at least 51% of a neighborhood's assessed property value and 51% of property owners to request upgrades to shared driveways and sewer systems. The city would then develop a project plan requiring city council approval, including maps, cost estimates, and financing details. This law directly affects residential property owners seeking coordinated improvements to common infrastructure within their neighborhood.