clock menu more-arrow no yes

Filed under:

421-a Expiration Could Mean More Condos, Less Affordable Housing: Experts

New, 8 comments

City Planning chair's doubts echo those raised by lawyers last week

Without the existence of a tax break program like 421-a, developers are likely to build more luxury condos instead of rentals, the City Planning Commission chair, Carl Weisbrod told the City Council at a hearing, according to the New York Daily News.

The tax break program expired in January and there has been little progress among state lawmakers for a replacement or to get 421-a restarted, according to NYDN.

What's more, Weisbrod pointed to City Council members that the recently passed rezoning measure, Mandatory Inclusionary Housing (MIH) would pretty much be ineffective without the existence of a similar tax incentive program.

His statements echo those issued by real estate lawyers last week, who also raised concerns about the effectiveness of MIH, and the potential warning signs for the construction of mixed-income housing.