The 421a tax abatement has helped create a large amount of affordable housing in New York, but tenant groups are calling for it to not be renewed when it expires in June. This seems counterintuitive, but the groups argue that the abatement, which fueled a lot of development along the Brooklyn waterfront, "inflates real-estate prices and creates market pressure that leads to higher rents and pushes out residents." [Capital NY; previously]
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