Silver pushes for tenant allowances on 421-A

New York State Assembly Speaker Sheldon Silver is taking an aggressive stance on rent regulation, according to the Wall Street Journal, saying that he won’t extend a tax break for residential developers until greater protections are ensured for rent-stabilized tenants. The tax break, known as 421-A, provides a tax abatement for new residential properties, something that pro-developer advocates say has encouraged new construction, even in a rocky economy. But Silver now says he won’t support 421-A unless it is amended to include pro-tenant provisions. “I just fundamentally believe we shouldn’t be extending a tax break for big developers without making sure we are strengthening protections for the tenants who live in their buildings,” Silver said. [WSJ]