New 421-A rules will be a bunch of hooey, developers tell the NY Post:
THE GREAT ABATE
"According to developer Daren Hornig of SAXA, whose properties include The Prime in Chelsea, the change will hurt buyers and actually reduce the amount of affordable housing."
“If you take two comparable buildings side-by-side, one with and one without a 421a, yes, the prices do tend to be higher in an abated building,” says appraiser Jonathan Miller of Miller Samuel.
Photo from NY Post
The whole affordable housing thing is a farce. This city would be far better off if rent regulation was shelved and the housing market simply played by the supply/demand rule.
You are obviously well off.....perhaps.... with a mortgage satisfaction document in stowed away your safety deposit box along with the family jewels!
Others are not so fortunate!
We need REAL affordable housing (for the middle class....it seems....as well)!
And it's time we had small business rent control!
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