Cuomo sees little progress on 421a

Governor wants a temporary extender of the current program

New York /
Jun.June 12, 2015 08:00 AM

Governor Andrew Cuomo reiterated his support for a temporary extender of 421a on Thursday afternoon, saying he sees little possibility of a solution being reached by next week.

“We’re discussing a number of proposals on 421-a,” said Cuomo, according to Capital New York. “The question is, what do you do? One question—one answer would be, well, to negotiate a whole new plan now. I think that’s unlikely because 421-a is a very complicated beast and it just doesn’t lend itself to throwing together a new program in several hours.”

Mayor Bill de Blasio said this week that if 421a cannot be reformed, he would support ending it entirely.

However, Cuomo said that this alternative “would stop any production of affordable housing.”

“I would not want to see the program expire because then you’d have no construction,” he said. “I would favor a short-term extension so you still have the pressure on people to get a new agreement done, but you don’t actually stop producing affordable housing.”

Cuomo and de Blasio have clashed over their approaches to reforming the tax break program, which expires on Monday. De Blasio does not support a prevailing wage requirement for construction workers, while Cuomo believes it should be included in the package. [Capital NY] — Tess Hofmann


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)
Owners of some residential properties can’t hide behind LLCs anymore
Owners of some residential properties can’t hide behind LLCs anymore
Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)
Landlords take another hit: Cuomo signs expanded Loft Law
Landlords take another hit: Cuomo signs expanded Loft Law
Governor Andrew Cuomo (Credit: Getty Images)
Cuomo wants to exempt NYC from prevailing wage bill
Cuomo wants to exempt NYC from prevailing wage bill
Judge trashes 421a rent overcharge suit against Muss
Judge trashes 421a rent overcharge suit against Muss
Judge trashes 421a rent overcharge suit against Muss
90 Sands Street
Hotel conversions race against the clock
Hotel conversions race against the clock
Clay Grubb (Glen Lennox, Getty)
Grubb Properties tests affordable housing model in NYC
Grubb Properties tests affordable housing model in NYC
Hochul urged to resolve Mario Cuomo Bridge dispute
Hochul urged to resolve Mario Cuomo Bridge dispute
Hochul urged to resolve Mario Cuomo Bridge dispute
Cuomo's High Line project has survived him — but his other proposals remain uncertain
Cuomo’s High Line project survives him, boosting Brookfield
Cuomo’s High Line project survives him, boosting Brookfield
arrow_forward_ios

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

Loading...