Mandatory Inclusionary Housing may have passed through the City Council, but in order for his plan to take action, Mayor Bill de Blasio must motivate developers — perhaps with an amended tax exemption.
- To reboot the 421-a tax exemption, de Blasio must meet with the Republican-lead State Senate and Gov. Andrew Cuomo.
- 421-a was a tax abatement program that expired this past January.
- Prior to its cessation, 421-a gave 10-year tax exemptions to new housing developments with three or more units on vacant, underutilized or “nonconforming” zones.
- While REBNY stands behind 421-a improvements, the Pratt Center for Community Development claims the program was being abused prior to its phasing out.
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Inman Connect New York | January 29 - February 1, 2019