The clock is ticking on the final days of a likely-to-expire tax break real estate developers rely on to build new apartments — and the rush is on to get foundations in the ground before June 15, when 421-a will end unless the state legislature passes an extension.
In Astoria, Queens, the second phase of the Durst Organization’s massive Hallett’s Point development will have laid all its foundations by the middle of next month — allowing those buildings to qualify for the lucrative property tax incentive. But Phase 3 and its 800 more apartments will be shelved if 421-a expires, says the developer.
“The only place we could build a market rate apartment building without 421-a is near Union Square or maybe in a few other slices of Manhattan,” said Jordan Barowitz, a company vice-president.
In Williamsburg, Brooklyn, Two Trees Management Co. has begun constructing 350 Kent as part of its equally massive Domino development, which will add 400 units — 30% of them designated as affordable, or rented to households earning specific incomes, under the city’s inclusionary housing program. But a rep for the developer says the future is “cloudy” for another planned building at Domino and the first two structures planned at its newly approved River Ring site because they may not be able to pour their foundations before the deadline.
New units issued permits soared to 4,091 in March, according to Census Bureau’s building permits survey data analyzed by THE CITY, compared with 2,678 in January and February combined. Sources who have seen preliminary data for April and early May say the surge has continued.
11 comments:
More income inequality said...
421A is Welfare for the wealthy !
The Democratic control of the federal government & NYS produces more social expenditures for the middle class to pay for with higher taxes and makes way more inequality.
Could it be Democrats favor a big government to promote social welfare programs, while MAGA Republicans favor a small government that allows the free market to work its magic ? Do you sheeple think it's possible DeMoRats and RINOS favor tax expenditures for the affluent ?
In other news...
Covid is passe', release the monkeys !
Build baby build! Ignore what the commies and Karen's have to say about it!
Fake news
The value of this Blog to educate me and people like me about the true nature of the cathedral, the timelines of our corrupt govt actions, and the problems that go unspoken of in the main stream is PRICELESS! JQ and OG Crappie are the best.
They do this fear crap every couple of years and every couple of years, it's extended. The landlords and their looney greedy lawyers need these tax breaks.
I lived in a 421-a building. The sewage came up in bathtubs. When my neighbor took a shower or a bath it drained off into my bathtub and vica versa. But the LLC management company kept pretending it wasn't happening. Sometimes I'd come home and my bathtub would be filled with effluence that looked and smelled like vomit or diarrhea. I took to shoving plastic bags down the drain to block this crap. I was getting sick of cleaning out the tub every morning before work so I could shower. The first day I moved into the apartment, I was exhausted from moving and decided to take a long hot soak. Oh no, while I was in the bathtub, brown stuff was bubbling up into my bath water. No one ever addressed this. Other tenants acted nonchalant about it and told me to pour boiling water and bottles of bleach down the drain.
I assumed the LLC paid off the DHCR because I had made claims to them. No one at HPD or DOB would address it. The DEP told me it was not flood or outside sewer water, it was with in the building.
Am so happy that I no longer live there, am sure all kinds of germs and disease was coming into the bathtubs and bathtub/shower water.
Fake news ? Like...
NBC News has conducted a detailed analysis of the Bunter Hiden laptop, which was once derided by mainstream news outlets as a “classic example of Russian misinformation,” offering further description of the President’s son’s business interests in China and Ukraine. Hiden apparently earned more than $11 million between 2013-18, much of which was frittered away as a result of his spiraling drug abuse.
@Fake news ? Like...
you need to get updated information, now is $40 billion, offshore accounts anyone?
@JQ and OG Crappie are the best.
YEAH: The best Paper Tigers (reactionaries) in town. They remind me of every feckless politician who has no answers for everything under their control and purview, but plenty of words that account for nothing and that changes nothing that, in the end only serve to fuel and falsely secure their angry, vituperative mob and powerless base, all of whom willfully focus (ironically) on a continual attacking of the messengers, whilst the corrupt and exploitative politicians pass the smell test, with impunity. At this point, I get more recognition from my mailman and fishmonger. This blog is the quintessential Queens Crap depository of epic, repetitive political fail and worthlessness, and it smells even worse by apathy and complicity——exactly like most, if not all ancient Babylonian, empire-rackets on the verge of societal collapse——from the top on down!
Hey, Queens Crap: Your legitimacy is crumbling!
❝No statement should be believed because it is made by an authority.❞ ——Robert Heinlein
❝The gentle art of politics is getting votes from the poor and campaign funds from the rich——by promising to protect EACH from the OTHER.❞ ——Oscar Ameringer
❝Government is a disease masquerading as its own cure.❞ ——LeFavre
❝A nation of sheep soon begets a government of wolves.❞ ——Edward R. Murrow
❝Everything the state says is a lie, and everything it has it has stolen.❞ ——Friedrich Nietzsche
❝Remember democracy never lasts long. It soon wastes, exhausts and murders itself. There never was a democracy yet that did not commit suicide.❞ ——John Adams
❝We have buried the putrid corpse of liberty.❞ ——Benito Mussolini
Rent will go up and up because of these failed DeMoRaT policies.
Stop New York’s climate madness before it drives electric rates into orbit.
https://nypost.com/2022/05/22/stop-new-yorks-climate-madness-before-it-drives-electric-rates-into-orbit/
Post a Comment