The latest legislative session in Albany has wrapped up with no action on one of the real estate industry’s largest priorities: extending the affordable housing tax break known as 421-a.
The controversial program gives developers a tax break on projects in exchange for making 30% of the units therein affordable housing. Supporters have described it as essential to creating affordable housing in the city, while detractors deride it as an ineffective giveaway to the real estate industry that produces very few genuinely affordable units. It is set to expire June 15.
Factors behind a deal not materializing ranged from a desire in Albany to completely revamp rather than
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