The Real Deal New York

Governor wants short-term extension of 421a

Less than a week before the tax break program is set to expire

June 10, 2015 08:30AM

From left: Bill de Blasio and Andrew Cuomo

From left: Bill de Blasio and Andrew Cuomo

Governor Andrew Cuomo is now advocating for a straight, short-term extension of the 421a tax abatement.

The program is set to expire on June 15, two days before the legislative session ends, Capital New York reported. Sources told the website that the governor is looking for an extension between three and six months. The governor, however, is reportedly not gaining much traction on this idea.

Rent regulation laws are also set to expire next week.

Mayor Bill de Blasio and housing advocates are opposing a straight extension of the program. Over the weekend, the mayor for the first time said that if changes aren’t made, the program should be dissolved altogether.

“If Albany won’t mend it, let’s end it,” de Blasio reportedly said.

The mayor has proposed changes to the program, which include an end to 421a breaks for condo projects, a required inclusionary policy for affordable units to be built in buildings receiving the tax breaks and a 10-year extension of the abatement to 35 years. Cuomo responded that de Blasio’s plan is a giveaway to developers. [Capital NY PRO] — Claire Moses