After helping shape an agreement on a replacement for the developer-friendly 421-a tax break scheme, Governor Andrew Cuomo has rebranded the program as the "Affordable New York Housing Program" earlier this month. "It's actually, in my opinion, a better program than the old 421-a," Cuomo told John Catsimatidis on the grocery mogul's radio show. Cuomo claimed the program would lead to 2,500 new affordable apartments and 9,000 apartments total per year. However, a new report says that Affordable New York will let landlords take their apartments out of rent stabilization much faster than they could under 421-a.

ProPublica looked into what Affordable New York would mean as far as actual affordable housing, and according to the bill being considered right now, it would allow landlords to continue getting 35-year property tax breaks even if they take units out of rent stabilization before 35 years are up. ProPublica points to a section of the bill that states that market-rate units will remain under rent stabilization for the entirety of the life of the property tax break unless they pass the vacancy decontrol threshold of $2,700 a month. Under 421-a, in addition to setting aside a portion of reduced-rent units for people of specific income ranges, landlords were required to limit rent increases in all apartments for the 25-year lifespan of the tax break.

A provision like this would allow landlords to get apartments out of the rent-stabilization program immediately after the first person moves out of the unit, the website points out, since rents are usually set near or above $2,700 per month to begin with, and building owners get to raise rent according to a proportion of the cost of renovations—easy to exploit if you know the right contractor.

We've asked the Governor's Office for a comment on this provision and will update the story if they respond.

Of course, even in the event this provision changes, Affordable New York could run the risk of having the same problems that the 421-a program did, namely that developers got the tax breaks without any city or state agencies actually ensuring that they provide the promised low-income housing.

At the end of the year last year, the de Blasio administration identified 178 landlords who were receiving 421-a tax breaks but didn't register their buildings as rent-stabilized. An earlier report found that two-thirds of the 6,400 buildings getting the property tax abatement weren't registered with the state as being rent-stabilized. So far, "enforcement" efforts have consisted of a series of tersely worded letters to owners.

Cuomo has raked in $4.2 million from taxpayer-subsidized developers across his various campaigns, a third of which came from Glenwood Management, the big-spending builder implicated in the corruption schemes that took down former Assembly speaker Sheldon Silver and former Senate leader Dean Skelos. A recent expose by ProPublica and The Real Deal lays out in revolting detail how, in addition to funding obvious power brokers like the so-called three men in a room who have the final say in Albany, New York City real estate bigwigs have been pouring money into obscure upstate legislative races to ensure fealty to programs that enrich them like 421-a, and opposition to tenant protections like rent stabilization.