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Developers Ditching 421-a Deposits

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Condo buyers aren't the only ones forfeiting down payments and walking away from contracts. Now developers are getting in on the action, The Real Deal reports. Say wha? For years, market-rate developers have been buying up 421-a tax abatement certificates from affordable-housing builders, but now that construction financing has dried up and projects are being abandoned, those developers are backing out of the deals and giving up their deposits. At the height of the market those certificates were trading for close to $40,000 each. [Real Deal]