The 421-a exemption, dubbed “New York City’s most expensive real estate tax break” by the NYC Independent Budget Office, will cost the city $3 billion in tax revenue from fiscal 2012 through the fiscal year that ends next month.
It is designed to encourage new residential construction, and developers who get it are often required to include affordable units in their projects.
The 421-a exemption expires June 15, and the Legislature is considering alterations that could curb its effect.
The Real Estate Board of New York says without the tax break, developers couldn’t afford to build lower-cost housing. But watchdogs say the lucrative program encourages corruption because developers need votes in Albany to keep it in place.
6 comments:
ROTFLMAO like you can do anything about it,
Little people think they matter 💃
Ask anybody under 30 what a 421a is
Then ask them what 420 is,you'll be surprised
Let this expire.
Stop giving billionaires tax breaks by having them give lip service to 'affordable housing' which isn't affordable and they circumvent it with 'poor doors'.
Love the pic!
Classy!
I'd poop there!
And also, it's grossly unfair! Those rich f*cks need to pay their own way.
Which politician(s)has the testicles to end this 421a practice? Answer: None of them. They need these developers to contribute to their campaigns when they run for office again and again. It's always about the money. They don't care about the average Joe, just their developer friends. Guess who ends up footing the bill? You guessed it -- the little people (taxpayers). That's why the rich get richer and the poor people remain the middle class.
As this is finally exposed for the biggest plundering of tax dollars, construction is beginning for 2 luxury monoliths on west 58 and broadway, and another 100 story tumor where the steinway and sons piano shop used to be.
Wowwee, it's about time Daily News. Since your newspaper was just one of many news media sources that was complicit in the real estate frenzy that has made this cityscape and legislature irreparable.
And another thing, considering the rapidity, the gargantuan size and cramming of space of all this development, Zuckerman better devote more ink and paper with the same zeal and coverage when a cop gets shot. This, despite the obvious cynicism when it comes to established elected officials and of course the wealthy obese, is going to get huger. The guy who got pinched was an executive at the firm and he's singing like Henry Hill.
Stay tuned.
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