Lawmakers predict extension of 421a tax break

Program, as well as rent regulation laws, is set to expire in June

New York /
May.May 13, 2015 08:00 AM

Members of the state senate and the assembly both believe that the 421a tax abatement — which is set to expire next month along with the state’s rent regulation laws — will be extended.

“I don’t think it’s going to be just 421a,” Senate Republican leader John Flanagan told Capital New York. “There’s going to be a variety of issues that are going to come up in conjunction with that.”

The tax break, as well as rent regulation laws are set to expire on June 15.

Meanhwile, Mayor Bill de Blasio has proposed a set of reforms, which includes applying the tax break only to rental buildings and implementing a mandatory 25 to 30 percent of affordable units. Under the mayor’s proposal, the program would extend 35 years instead of the current 25. State politicians didn’t say whether or not they would implement de Blasio’s proposal, according to the website.

The chair of the senate housing committee, Senator Cathy Young, told Capital that she hadn’t yet seen the mayor’s package of proposed reforms, which is backed by the Real Estate Board of New York.

Flanagan predicted “some renewal” of rent regulations, the website reported. Others predicted that the program — as well as rent-regulation rules — could be renewed in its current form.

“That’s an option, to see where we go on all of these issues. It’s an open issue,” Assembly Speaker Carl Heastie told Capital. “We’re in the midst of putting together where we are. I reviewed the (de Blasio) plan and I understand where the mayor is coming from, but we’ll address it with the entire conference.” [Capital NY PRO] — Claire Moses


Related Articles

arrow_forward_ios
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Gov. Kathy Hochul (Photo by Sasha Maslov)
At REBNY gala, Hochul pledges to “support” real estate
At REBNY gala, Hochul pledges to “support” real estate
Friends of Bay Street Chairman Adam Potter and rendering of new affordable housing and commercial space (LinkedIn, BHC Architects, Illustration by Kevin Cifuentes for The Real Deal)
Affordable housing project proposed for Sag Harbor
Affordable housing project proposed for Sag Harbor
Fairstead's Jeffrey Goldberg with Savoy Park (Fairstead)
Fairstead puts Harlem affordable complex on market
Fairstead puts Harlem affordable complex on market
A photo illustration depicting the death of the 421a property tax break (NYC Housing Preservation and Development, iStock)
Dead and buried: 421a is gone. Will it ever return?
Dead and buried: 421a is gone. Will it ever return?
NYC mayor Eric Adams (iStock, Getty Images, Illustration by Kevin Cifuentes for The Real Deal)
Adams pledges to add housing, but won’t say how much
Adams pledges to add housing, but won’t say how much
Witkoff CEO Steven Witkoff and 589 Fulton Street in Brooklyn (Witkoff, NQS Creative, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Apollo, Witkoff beat 421a deadline with DoBro tower
Apollo, Witkoff beat 421a deadline with DoBro tower
CHIP's Jay Martin (left) and Housing Justice For All's Cea Weaver (right) Good Cause Eviction
Real estate bids good riddance to good cause eviction … for now
Real estate bids good riddance to good cause eviction … for now
arrow_forward_ios

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

Loading...