421 A News Today

As state budget negotiations drag nearly two weeks late, a housing deal seems likely to coalesce—but it’s not there yet, as consequential details remain fluid.

"A housing package that protects tenants, builds affordable housing, and creates good jobs is possible, but bad actors in the real estate industry would rather hold my members and all New Yorkers hostage on account of their greed."

Mayor Adams’ ‘City of Yes’ housing proposal includes a 20 percent density bonus for developers—if the additional units are income-restricted.

"What we need is not haphazard compromise through gritted teeth, but the embrace of a coherent policy to safely and affordably house more New Yorkers. We need to build more housing and help more people afford it."

Gov. Kathy Hochul’s proposed legislative budget for the new year includes another attempt at replacing the expired 421-a developer tax break.

After failing to pass her ambitious Housing Compact proposal last year, Gov. Kathy Hochul is using a lighter touch on housing—but state and city lawmakers have expressed hope for a potential compromise to both increase the development of affordable homes and protect tenants.

The developer and MTA have come to agreement on the platform needed for three towers, but Greenland USA won’t proceed without a key tax break.

After dropping the year before, affordable housing production was up again during the 12-month span that ended June 30.

"421-a or any alternative’s inclusion in our toolbox to tackle the housing crisis is by no means a silver bullet, but its absence has already and will continue to hamstring our ability to respond."

The looming 421-a deadline will jeaopardize much-needed affordable housing projects under the Gowanus rezoning that have hit delays, the authors argues.