421-a tax cut used in over half of NYC affordable housing projects in 2014

Tax abatement program that expired in January has not been signed for renewal
  • The analysis shows 98 percent of designated affordable housing projects used some form of property tax benefit in 2014, though not necessarily 421-a.
  • Over 50 percent of affordable housing units used 421-a in 2014, specifically.
  • In Manhattan, over 78 percent of affordable housing projects used 421-a between 2014 and 2015.
  • Nearly 55 percent of the 68 affordable housing projects used 421-a in Brooklyn in 2014.

Most city officials and builders agree affordable housing is a widespread issue in New York City. The average monthly rent is $2,629, and housing eats up 63.1 percent of workers’ wages, according to a recent study from the Global Cities Business Alliance.