421-a reform bill likely to pass

TRD 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
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

The Eddington House cafe in Shanghai

“We’re the elite”: What backlogged Chinese EB-5 investors are planning next

Margaret Streicker (Credit: Facebook)

Rent law “canary in the coal mine” runs for Congress in Connecticut

The New York State Senate subpoenaed several top names in real estate

Elliman, RE/MAX, Keller Williams subpoenaed in discrimination probe

MDC Partners CEO Mark Penn and 1 World Trade Center

One World Trade Center signs 200K sf deal with marketing firm MDC

Coronavirus delays $1B sale of SF’s Oceanwide Center

Coronavirus delays $1B sale of SF’s Oceanwide Center

arrow_forward_ios
Loading...