The Real Deal New York

Mayor shows support for new 421a, rent regulations bill

Bill de Blasio did admit he would have liked to see a mansion tax passed
June 29, 2015 09:00AM

As far as a recent deal that extended both the 421a tax abatement and the city’s rent regulations by four years goes, the mayor didn’t get everything he wished for.

Bill de Blasio would have liked to see a mansion tax implemented as well, he told reporters on Sunday, according to Capital New York. But, the website reported, the mayor still touted the deal.

Legislators came to an agreement on the issues last week. The new 421a extension hinges on a wage deal between union leaders and developers. To the dismay of politicians and tenant advocates alike, the new law will not end vacancy decontrol.

“I think 421-a is substantially as we originally proposed it, minus the mansion tax, which I think would’ve made it better,” the mayor reportedly said. The tax would have applied to home sales over $1.7 million. The money from those taxes, de Blasio has estimated, would have created a $2 billion fund that would have gone toward creating more affordable housing[Capital NY PRO] — Claire Moses