November 15, 2016
Apartment developers in New York City will soon get a break on their property taxes with new apartment developments that include affordable housing units. Governor Andrew Cuomo has reached a deal to restore the 421-A tax exemption, which expired in January. The deal also stipulates that the apartments need to remain affordable, and the period of the tax break. Both of the changes still need to be approved by the New York State legislature.
“We are pleased to have reached an agreement that will permit the production of new rental housing in New York City,” said Rob Speyer, chair of the Real Estate Board of New York. Cuomo had approved an extension of the 421-A tax break last year, but New York’s real estate community needed to reach an agreement with labor unions on what workers would be paid to build these properties.
— Bendix Anderson
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