Does de Blasio's housing plan incentivize developers enough?

  • 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.

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

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.