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New York

Legislature to vote soon on 421-a

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The State Legislature is expected to soon pass a highly contested version of a bill that revamps the 421-a tax abatement program, which has bearing on the construction of new residential developments. Per recommendations passed by the City Council in December, the new 421-a includes significant modifications. Chief among them: At least 20 percent of new units in a development must constitute “affordable housing” on the site of a development. Though legislators originally disagreed about whether the Council’s bill went far enough, this week the State Senate and Assembly introduced identical 421-a bills to the legislative floor. Lawmakers are expected to vote on and pass the bill by June 21, just before the legislative session closes. more By Marisa Torrieri