421-a reform bill likely to pass

New York /
Jun.June 19, 2007 12:00 AM

Assembly and Senate leaders have agreed on a 421-a reform bill, and the legislation is expected to pass both houses on Thursday. Under the bill, the 421-a exclusion zone will be extended to include large swaths of upper Manhattan, Brooklyn and Queens. At present, the exclusion zone only applies to Manhattan between 14th and 96th streets. In the areas covered by the law, 20 percent of units in new developments will need to be affordable to a family of four earning $42,000. The bill also mandates that workers at buildings receiving 421-a tax breaks receive a prevailing wage for terms between 15 and 25 years. The bill, which Gov. Spitzer is expected to sign into law after it passes the Legislature, is more far-reaching than the 421-a plan the Bloomberg administration and the City Council agreed to last December. The state’s version of the bill has a larger exemption zone and more affordably priced housing. more [Crain’s]


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Tamir Shemesh and Nest Seekers’ CEO Eddie Shapiro
Tamir Shemesh joins Nest Seekers after Serhant exit
Tamir Shemesh joins Nest Seekers after Serhant exit
Urban Commons Taylor Woods with the Wagner Hotel
Urban Commons vs. the world: Firm shifts blame as FiDi hotel faces auction
Urban Commons vs. the world: Firm shifts blame as FiDi hotel faces auction
Triple Five Group CEO Don Ghermezian and American Dream Mall in East Rutherford (Getty, World Retail Forum)
Same old story: American Dream mall misses another payment
Same old story: American Dream mall misses another payment
50 West 66th Street and 1045 Madison Avenue
Manhattan’s luxury market starts February on a peak
Manhattan’s luxury market starts February on a peak
Hawkins Way Capital’s Ross Walker and Värde Partners’ IIfryn Carstairs with 525 Lexington
Shuttered East Side Marriott sold at $100M+ haircut
Shuttered East Side Marriott sold at $100M+ haircut
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...