New York Gov. Kathy Hochul plans to propose a replacement for the 421-a tax abatement program for rental development that expired more than 18 months ago. The plan comes as an industry study shows the number of housing units developers proposed last year fell to just half of the annual levels New York City produced between 2000 and 2020.
New York Governor To Propose 421-a Tax Abatement Alternative for More Affordable Housing
Move Comes as New York City’s New Unit Proposals Have Slowed
By Andria Cheng
CoStar News
January 9, 2024 | 11:24 P.M.
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