Monday, January 30, 2017

421a didn't do what it was supposed to do

From the Daily News:

The city lost out on as much as $2.8 billion in wasted tax breaks for condos under a program meant to spur housing development, according to a new study by a budget watchdog group.

The Independent Budget Office estimates that $2.5 to $2.8 billion of the property tax breaks given out over a decade as part of the 421-a program were wasted because they benefited homeowners rather than advancing the program’s stated goal of encouraging housing development.


Anonymous said...

Lied to once again.SOP for political crooks.

(sarc) said...

Say it is not so!

Imagine that!

A Government program not working out as intended...

kapimap said...

They did build, way more than they should have, and screwed the neighborhood with small overpriced apartments that not many can afford. $1800 rentfor a 1 bedroom rental, or $500000 for a 1 bedroom condo does not benefit me !