January 24, 2017
A new plan to renew New York City’s most important tax break for development is working its way through the legislature.
Last week, Governor Andrew M. Cuomo announced his “Affordable New York” housing plan to replace the expired program known as 421-a. Cuomo brokered an agreement between the Real Estate Board of New York and the Building and Construction Trades Council of Greater New York.
Under the plan, developments would receive a full property tax abatement for 35 years, in exchange for including housing units that will be affordable for 40 years, and providing construction workers with better wages and benefits. The new plan still has to travel through the New York Legislature, where some lawmakers might demand more changes to the deal, such as extending the tax break to again include luxury condominiums developments.
For comments, questions or concerns, please contact Bendix Anderson