The subsidy, known as 421a, has been used in nearly every big residential project over its 51-year history. It costs the city $1.77 billion annually in lost tax revenue.
Source: New York Times
N.Y.C.’s 421a Tax Break for Housing Development Will Likely Expire
Published in Adams, Eric L, affordable housing, Building (Construction), Hochul, Kathleen C, New York City, Real Estate and Housing (Residential), State Legislatures and Tax Credits, Deductions and Exemptions
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