Can NYC Live Without Its $1.7-Billion-a-Year Developer Tax Break? Dueling Claims Define Budget Talks
Budget watchdog warns letting the 421-a program lapse will doom needed new housing development, while city comptroller urges cancellation along with a property tax overhaul.
Real estate industry seeks carte blanche to rework older office buildings, as the work-from-home revolution gives edge to neighborhoods with full-time residents.
The 421-a tax incentive costs the state $1.7 billion a year in lost revenue. Builders say, without it, New York’s housing crisis would be even worse. Here’s what to know as Albany debates the discount’s future.
Complaints abound at Stratford Tower, where residents worry about the risk of running too many space heaters following the deadly fire last month just two miles away.
Real estate industry says renewing the 421-a program is essential to ensuring housing development, including affordable apartments, and have the governor on their side. But some city and Albany leaders say it should not survive.
Newly mandated improvements to building energy efficiency in New York aren’t just ways to mitigate climate change and get off of fossil fuels, but could lead to immediate quality of life benefits for people living in affordable housing.
The City Council’s approval of the downtown Manhattan rezoning marked a late-term legacy victory in the mayor’s push to reshape one of the city’s whitest and wealthiest neighborhoods. Meanwhile, opponents fumed, even amid last-minute changes.
The Brooklyn neighborhood was promised affordable recreation as part of the deal to transform the former armory. Residents are still waiting for details on possible class discounts as the Major Owens Community Center readies to open.
City Planning Commission has power to kill a project projected to steal sunlight from part of the historic green space, or cut it down from a proposed 34 stories. The developer says affordable housing is at stake.
The last re-building block of the World Trade Center could be a 900-foot residential skyscraper on the former home of the Deutsche Bank Building. A quarter of its 1,325 apartments are earmarked for “affordable housing” — but local 9/11 survivors want more.
City Hall says rezoning the Manhattan and Brooklyn neighborhoods would bring crucial affordable housing, while opponents warn of overcrowding. The projects headline the mayor’s final-year pandemic push to change the face of the city.
In recent years leading up to his mayor run, the Brooklyn borough president netted up to $322,750 in contributions from favor-seekers — including some banking on the controversial Gowanus rezoning plan, THE CITY found.
State Attorney General Letitia James and city’s top lawyer join federal appeals court fight against corporate investor that refuses to hand over the keys after reaping 15 years of tax benefits.
Fulton and Chelsea-Elliott residents met with top housing officials for months to hash out what comes next for their Manhattan homes. The process has been rocky at times, but could become a model for how NYCHA engages with tenants across the city.
Brooklyn Botanic Garden Shadow-Casting Towers Qualify for Generous Trump Tax Break State Lawmakers Want to Slash
“Opportunity Zone” benefits will come to investors in a controversial Crown Heights real estate project whether or not affordable housing remains in the picture. A bill would end New York’s part of the program.
If the population were a state, it’d be as big as Wyoming, or Vermont. Figuring out how to repair the crumbling, enormous housing system has stymied leaders for years as tenants suffer.
NYC’s Wealthy Enclaves Lost Housing in Past Decade as Combining of Apartments Outpaced New Construction
Parts of the Upper East Side, Upper West Side, SoHo and the West Village saw net drops in residential apartments in the past decade, a new report from the Department of City Planning found.
Pandemic postponement of the city’s annual property tax lien sale highlights burdens on cash-strapped property owners, advocates say — and an opportunity to reclaim real estate for affordable housing.
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