Developers Are Rushing To Beat the Tax Man
The elimination of the certificates, which allowed affordable housing to be built off-site, and most often in the outer boroughs, was a very cost-effective way of producing affordable units for real working families.
Interesting. So there are no 'real working families' in Manhattan?
"The effects of the 421-a change has not affected the land prices in Manhattan to date," the president of the City Investment Fund, Thomas Lydon, said. "Perhaps the development community feels the state Legislature will not approve it in a timely basis or that a phasing-in or changes in the law will be negotiated before the end of the year."
Funny how these things are assumed.
Another prominent real estate leader who prefers to not be identified said, "As to the reductions in prices for condos, I've never met a market rate developer who wasn't all of a sudden going broke because of any adverse change in the law."
You got that right!