New York’s 421-a program for constructing affordable housing, via tax breaks for developers, will expire next month unless state lawmakers extend it. Gov. Kathy made no mention of the program at an affordable housing conference on Thursday.
Gov. Kathy Hochul told builders, bankers, and others who gathered in midtown Manhattan on Thursday for an annual affordable housing conference that they have her support, but she did not mention the lucrative property tax exemption for multifamily developments known as 421-a, which expires next month.
“I'm glad 421-a is expiring, and folks that are trying to scare the legislature into saving a program everyone knows is broken for their own interests are not helping serve the broader public interest of actually addressing our affordability crisis,” Comptroller Brad Lander said in an interview. “I think 421-a, or a version of it, is going to play a vital role and continue to watch us deal with the housing crises that we're facing,” Adams said at a press conference on Wednesday.
“We'll also have a massive shortfall of affordable units, which will put even more pressure on low-income New Yorkers, and likely exacerbate the housing crisis and the homelessness crisis,” said Jordan Barowitz, a spokesman for the Durst Organization, which relies on the tax abatement to build rental housing.
The program, which has never been permanent, lapsed in 2016. It was revamped and brought back in 2017.Under 421-a, about 13,700 affordable units were built between 2016 to 2021, according to the NYU Furman Center. The majority of those income-restricted units were built for families earning 130% of the area median income, the top end of the income range permitted under the legislation.
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