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New York’s 421-a program for constructing affordable housing, via tax breaks for developers, will expire next month unless state lawmakers extend it. Gov. Kathy made no mention of the program at an affordable housing conference on Thursday.
'It’s like you were given this thing that’s so great, you should just accept whatever’s coming to you.'
Under the rules of the updated 421-a program, units in the housing lottery don't have to be set aside for the likes of nearby residents, the homeless or municipal employees.
160 tenants who lived in the city's affordable housing units reported incomes of more than $100K.
If it doesn't pass this afternoon, the state's functions could grind to a halt.
A provision of the proposed 421-a replacement would make it easier for landlords to take apartments out of rent stabilization.
After reaching a deal to renew the 421-a tax break, Governor Cuomo's office also re-branded it as "Affordable New York."
The city just threatened 178 buildings owners for allegedly flouting the law.
The program is supposed to create affordable housing, but yields a negligible percentage, at great cost to tax coffers.
Buildings that got 421-a tax credits now have to set aside a portion of their affordable units for people in homeless shelters.
Hey, what's several hundred million dollars in tax money good for anyway?
It would involve subsidizing higher wages for construction workers.
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