Gov. Andrew Cuomo is going to stay mum on the future of 421a. At least for now.
Lawmakers will continue to discuss the policy’s fate over the coming months after reaching a last-minute deal on the matter in Albany in June, according to Capital New York. While Cuomo weighed in during those negotiations, he is changing course now.
While the bill that passed on June 25 extended the policy for another four years, the future of the program hinges on an agreement between the Real Estate Board of New York and the city’s construction unions about including a prevailing wage provision. If no deal is reached before the end of the year, it could be the end of the tax abatement program after all.