Planning Commission Vote Will Send Zoning Proposals to City Council (Gotham Gazette)

Gotham Gazette, February 3, 2016

Planning Commission Vote Will Send Zoning Proposals to City Council

A long-standing program, called 421-a, recently expired. It offered major property tax breaks to real estate developers in exchange for the creation of affordable housing units. The program was riddled with flaws, though, and in negotiations to finalize a new version, an impasse was reached, leading to its expiration….There are also some who say that Mandatory Inclusionary Housing should not move forward without a 421-a-like program. Including the New York City Bar Association, these analysts say that the tax abatement program is essential to the kind of rental housing development the city is counting on to leverage MIH into more units.

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