The record-breaking $100.5 million sale of a penthouse at One57 has intensified the debate over the controversial 421-a tax abatement, which allowed Gary Barnett and co. to cut the property taxes on the apartment by 95 percent, an estimated $360,000, this year in exchange for construction off-site affordable housing. "This program should be ended because it's a relic that gives away billions in tax dollars and gets almost nothing in return," says the director of an affordable housing advocacy group. [NYT; previously]
Loading comments...