New York Multifamily & Affordable Housing Face Challenge with Potential Loss of 421a
May 9, 2022
Commercial Observer
Despite current challenges and a tense political climate, Partner Ross Moskowitz holds out hope for the survival of New York City’s 421a property tax break, which developers frequently seek through the inclusion of affordable housing units in new constructions.
“I think there’s a lot of support for it across the board — from the Real Estate Board, the unions, the mayor — but the politics right now, especially with the governor running for election, make it very difficult,” Ross tells Commercial Observer.
“The prospect of 421a facing expiration without a replacement has the potential to upend new multifamily and affordable construction, making New York City’s dire housing shortage even worse,” Commercial Observer reports.
Click here to read Ross’ full Q&A analysis.
May 9, 2022
Commercial Observer
Despite current challenges and a tense political climate, Partner Ross Moskowitz holds out hope for the survival of New York City’s 421a property tax break, which developers frequently seek through the inclusion of affordable housing units in new constructions.
“I think there’s a lot of support for it across the board — from the Real Estate Board, the unions, the mayor — but the politics right now, especially with the governor running for election, make it very difficult,” Ross tells Commercial Observer.
“The prospect of 421a facing expiration without a replacement has the potential to upend new multifamily and affordable construction, making New York City’s dire housing shortage even worse,” Commercial Observer reports.
Click here to read Ross’ full Q&A analysis.
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