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A Statement about the Abatement: The Effects of the 421-a Expiration

For over forty years, the 421-a tax exemption program incentivized developers to build multifamily residential rental units in New York City. The program provided tax benefits to developers who built properties with affordable housing in Geographic Exclusion Areas (GEA), which includes all of Manhattan and parts of the Bronx, Brooklyn, Queens and Staten Island. 258 more words

Cuomo Warns Compromise on New 421a Program Would Be 'Political Dynamite'

Gov. Andrew Cuomo warned of an explosive populist reaction to a proposal to extend a new tax break to condominiums in exchange for prevailing wage requirements for construction workers—one of the suggested solutions to reinstate the… 353 more words

Real Estate Board Of New York

The Real Estate Community Is Scrambling to Get the Lapsed 421a Tax Break Back

On Friday afternoon, hours before New York City’s largest and most controversial tax break was set to end at midnight, some were acting like the city was bracing for a nuclear blast. 410 more words

Bill De Blasio

Cuomo and de Blasio Lament the Collapse of 421a Tax Break

After negotiations to reform and extend the controversial 421a tax break for housing developers collapsed last week, Mayor Bill de Blasio and Gov. Andrew Cuomo said they would both make finding a new way to spur affordable housing a priority this year. 702 more words

Bill De Blasio

No Deal on Prized 421a Real Estate Tax Credit

Construction unions and developers were unable to come to an accord on prevailing wage standards to be written into the 421a tax exemption by today’s deadline—meaning the abatement will die on the vine, and the future of the New York real estate market will be left uncertain. 525 more words

Bill De Blasio

Bill de Blasio Won't Say How His Housing Plan Will Go Forward if 421a Expires

Mayor Bill de Blasio today flatly refused to say if or how his administration would try to advance its ambitious plans to build affordable housing if the 421a tax credit for developers expires—even though just four days remain for the real estate industry and organized labor to reach a deal on prevailing wages to be written into the exemption, which insiders say is crucial to all new construction. 494 more words

Bill De Blasio

Two bills aim to save city’s mom-and-pops

By Sabina Mollot

Manhattan Borough President Gale Brewer has promised to make 2016 the year of the mom-and-pop shop.

Nine months after proposing new legislation she believes will throw a lifeline to small businesses forced out of their premises by steep rent increases, Brewer said she now considers it priority. 1,504 more words