The Real Deal New York

421-a retool not a done deal

March 06, 2007 12:00AM

From the March issue: An amendment to the city’s 421-a tax break program signed into law by the mayor last December may cut into the pace of market-rate housing construction, and it could force a rise in housing prices at buildings that opt not to participate in the program, further squeezing the city’s middle class. But the battle over the tax break continues. The law faces statewide tests, even as its impact is debated as a subsidy for luxury housing development in the city. Though the city law is slated to go into effect on December 28, 2007, the New York State Legislature still must approve it and may make modifications to its scope. more By Marc Ferris

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