...a complicated set of restrictions creating exclusion zones where developers have to include affordable housing to get the tax break were put in place. The new rules don't even take effect until summer and have set off a scramble to beat the deadline by starting buildings before they're subject to the restriction. Now, the development community is saying the issue needs to be revisited when the city reviews the "impact" of the changes in December. The early indication is they're going to push hard to kill the changes.
Developers to Push Killing Tax Break Restrictions
Photo from Curbed
Friday, February 29, 2008
Developers want 421-A regs to go away
Posted by Queens Crapper at 7:22 AM
Labels: affordable housing
All tax breaks must be eliminated. Build without them - pay taxes as everyone else does or go to Yonkers instead.
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