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  "documentTitle": "CubeSmart | Investor Presentation Deck | 30 slides",
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  "authorName": "CubeSmart",
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  "presentationDate": "2021-09-01 00:00:00",
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      "text": "In 2017, NYC passed a zoning amendment that required a special permit for self-storage to be built in the Industrial Business Zones (IBZs). The IBZs reduced the land that was previously zoned by-right for storage by 49%.",
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      "text": "NYC recently excluded all self-storage development from eligibility under the Industrial & Commercial Abatement Program (ICAP) for all new projects that didn't have final permits as of July 1, 2020. The ICAP provides property tax abatements from 10-25 years on the value of all improvements. These abatements are critical for attractive returns on development in the boroughs given high land cost.",
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      "text": "1. Source: New York City Department of City Planning",
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