REBNY irked by proposed tax change

The Real Estate Board of New York is unhappy about changes to the 421-a tax abatement clause proposed yesterday by Mayor Bloomberg and City Council Speaker Christine Quinn. Under the latest proposal, developers building in most desirable neighborhoods in Manhattan and the boroughs would be required to set aside 20 percent of the units in their projects for affordable housing. REBNY’s alternative would allow developers to receive the 421-a tax breaks so long as they build off-site affordable units within the same community board jurisdiction or within half a mile of the project. more [Crain’s]
Council fights over 421-a more [NYO]