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421-a

Government

Housing Policy Faultlines Emerge Ahead Of Final Albany Budget Deal

Emma Whitford | March 15, 2023

The Senate and Assembly on Tuesday released their annual budget resolutions, responding to Gov. Kathy Hochul’s $227 billion spending proposal unveiled last month. They rejected the bulk of Hochul’s strategy to increase housing production statewide, while entertaining eviction protections the governor has ducked. 

Affordable Housing

Landlords Inflated Rents While Receiving 421a Tax Breaks, Lawsuits Allege

David Brand | October 12, 2022

The owners of three buildings in Manhattan, Brooklyn and Queens are accused in the suit of falsely registering initial rents with the state Division of Homes and Community Renewal (HCR) in order to charge tenants more money than legally permitted at renewal or on new leases.

CITY VIEWS: OPINIONS and ANALYSIS
A view of the Manhattan skyline and the East River.

Opinion: Let the J-51 Property Tax Abatement Die, Too 

Marty Rowland | June 30, 2022

“The governor and New York State Legislature should begin a process of discarding all property tax  abatements that primarily serve the interests of landlords and developers (not tenants), and end the  patchwork of other taxes required to make up the subsequent lost revenue from them.”

Government

New York’s Legislative Session Ends, With Mixed Results on Housing. Here’s What Passed & What Didn’t

Jeanmarie Evelly, David Brand and Liz Donovan | June 4, 2022

What exactly did state lawmakers do before starting their nearly seven-month break? Here’s a rundown.

CITY VIEWS: OPINIONS and ANALYSIS

Opinion: Forget 421a—New York Needs Radical Reform to Solve Housing Crisis

John Choe and Marty Rowland | June 1, 2022

” We propose a new hybrid financing model that would combine a land value tax (LVT) and community land trusts (CLTs) to address New York’s changing fiscal environment as well as the housing needs of working families.”

Housing and Homelessness

New York’s $220 Billion Budget Light on Solutions to Homelessness, Critics Say

David Brand | April 8, 2022

“It’s pretty dreadful,” one housing advocate said. “The governor decided to-go drinks and a stadium in Buffalo were more important than housing the homeless and marginalized New Yorkers.” 

Affordable Housing

Albany Poised for 421a Showdown as Budget Deadline Looms

David Brand | March 31, 2022

There’s no question 421a has fueled development—nearly 117,00 units built since 2010 have qualified for the abatement. But over the past two years, the vast majority of income-restricted units were priced for people earning far more than the city median income.

Opinion

Opinion: 421-a Has Benefited Tens of Thousands of New Yorkers. That’s Why We Should Pass Hochul’s Replacement.

Brett Gottlieb | March 8, 2022

“The governor’s bill maintains many of the core aspects of 421-a that have been vital to our city’s economic success and is a positive first step.”

Housing and Homelessness

Hochul Takes on 421-a. Will It Be a Rebrand of the Existing Developer Tax Break?

David Brand | January 6, 2022

In her State of the State plan, the governor pitched “a different kind of abatement program” to replace 421-a, which critics see as a developer-friendly policy that siphons nearly $2 billion per year from the municipal property tax pool.

421-a

With 421-a Maneuver, Pacific Park Developer Could Save Buyers $50 Million More in Taxes

Norman Oder | October 23, 2017

To sell 550 Vanderbilt luxury condos, they’d piggyback onto affordable building well down the block.

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City Limits uses investigative journalism through the prism of New York City to identify urban problems, examine their causes, explore solutions, and equip communities to take action.

Founded in 1976 in the midst of New York’s fiscal crisis, City Limits exists to inform democracy and equip citizens to create a more just city. The organization is a 501(c)(3) nonprofit funded by foundation support, ad sponsorship and donations from readers.

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