Mandatory Inclusionary Housing may have passed through the City Council, but in order for his plan to take action, New York 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 -- at least, if de Blasio hopes to inspire new developments throughout New York City. Given the high price of land and construction, 421-a tax breaks were designed to relieve initiation costs for developers. Without them, it's feared developments in the low-to-moderate level housing tiers will suffer. 421-a was a tax abatement program that expired this past January. The Real Estate Board of New York (REBNY) and the Building and Construction Trades Council of Greater New York failed to settle on labor wages, putting the program into a pause -- at least for now. Mayor Bill de Blasio/Facebook REBNY vocalized concerns about eliminating 421-a and t...
- 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.
Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York