A new investigation into buildings that benefit from the 421a tax abatement by New York Attorney General Letitia James found that four developers in Brooklyn and Queens received the tax break but didn’t live up to the program’s requirements.
The developers’ misdeeds ranged from falsely reporting a full building was vacant to not offering rent-stabilized leases to tenants as the program requires in most cases.
“Rent-stabilization laws exist to protect tenants, and we will not let landlords or developers circumvent them,” James said in a statement. “The agreements announced today affirm my office’s commitment to promoting access to safe, affordable housing for all New Yorkers. This is a notice to all bad actors seeking to take advantage of tenants: Not on my watch.”
None of the developers named in the latest investigation return requests for comment.
The Real Estate Board of New York issued a statement in support of James, adding that such violations are rare, and underscoring the program’s importance for affordable housing.
“We applaud Attorney General James for taking action to ensure that 421a is used only as intended and required under State law,” said James Whelan, president of the Real Estate Board of New York. “The 421a program continues to play a crucial role in the production of much-needed below-market rate housing across New York City — and while bad actors are rare, it is always unacceptable for any developer to try to utilize the program without complying with its rent-stabilization requirements.”
One firm, Tuhsur Development, tried to evict tenants from its property at 63-36 99th Street in Rego Park even though a state investigation found it had overcharged those tenants $22,042.
10 comments:
I only see on firm that is mentioned here. Who are all the others, Crappy? What poor reporting. And, what do you think will happen to them? Nothing! All political showboating during election time.
Yo Ho..investigate big tech, MSM...you have a problem.
https://youtu.be/5649FAF3_ws
I need to watch Australian news to find out what is going on in the US?
Nice to see someone in public office doing their job
@Anon 1
You're asking me? Nobody is paying me from the Real Deal.
@Anon 2
Tish is investigating google too. The whole country is. #Reform230
I'd be more impressed if it said, "421 Ho's busted by A.G." But then, they'd get time in the slammer, whereas a-holes will all walk.
@JQ
Actually the EU investigating also.
Now will it be like Microsoft with Windows 7*8*10 spy operating system released after the investigation?
Not sure what gives Google the right to push Covid-19 anything on my phone I paid for.
That in itself is a crime!
Digital dictatorship is what they want, just like in China where they helped create the big Chinese Wall, modern version of course.
Great work on the AG part, but "Billy the boy mayor" and "Jimmy the sunnyside coward" will make sure no charges are brought.
Love NYC
You can have all of the laws in the world, New Yorkers, but your laws will not work against these types of criminals unless you have order. Which I just don't see in your city.
The AG Ho needs to be retired. She is corrupt to the bone and super incompetent!
She is a TOOL!
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