February 9, 2017
The New York real estate world is still waiting for state legislators to renew the 421-a, which gives new apartment developments a property tax break in exchange for an affordable housing commitment.
A new report from New York University’s Furman Center measures the impact of proposed changes to the program, including an increase in wages for construction workers who build 421-a projects.
“Our analysis helps put in context the proposed revisions to the 421-a program, which both increase the costs to city taxpayers and allow for significant increases in construction hard costs, without diminishing long-term returns to development,” said Mark Willis, Senior Policy Fellow at the NYU Furman Center and co-author of the report.
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