New York City Mayor Bill de Blasio has pledged to create or preserve 200,000 affordable units of housing in the next decade. Among the several proposals being considered, one idea is to amend or remove a controversial real estate tax abatement available under section 421-a of the Rent Act of 2011. The abatement gives developers a property tax break, in decreasing amounts, over a 25 year period. The statutory authority for abatement expires this Spring. In certain neighborhoods in the City, developers must set aside a percentage of units which… read more
February 3, 2015