For some reason, the three Tishman Speyer towers that will bring 1,789 apartments to Long Island City will qualify for $200 million of tax breaks through the 421-a program (which was designed to get developers to build affordable housing) without having to include any affordable housing whatsoever. A Times piece about this situation explains it thusly: "Mr. Speyer is one of six developers eligible for the subsidy without having to build a single low-cost unit, because of where their projects are." What? Why? The 421-a program continues to make no sense. [NYT; previously]
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