421a is gone, but not forgotten: Cuomo

Governor still expecting REBNY and unions to agree to a deal

TRD New York /
Apr.April 06, 2016 08:05 AM

Developers and constructions unions may have failed once – or many times – to arrive at a deal to save 421a, but Gov. Andrew Cuomo hasn’t given up on them.

“421-a itself is dead,” top aide Bill Mulrow said, according to Crain’s, “We tried to see if there was a way to revive 421-a, but the question is whether there will be some successor tax-abatement program that allows rental housing to be built here.”

Mulrow warned that as rental development continues to flag, the Real Estate Board of New York and the Construction Trades Council of Greater New York will finally be forced to agree on prevailing wage requirements, the sticking point that led to the breakdown in negotiations late last year.

“That will end soon, and somewhere in there I think the developers, REBNY, and the construction trades will find some common ground, because we have to do it,” Mulrow said.

The tax abatement is widely considered essential to funding the building of rental properties in New York, given the city’s high land prices. Experts have argued that Mayor Bill de Blasio’s recently-passed Mandatory Inclusionary Housing plan depends on the existence of a tax abatement. [Crain’s]Ariel Stulberg


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
John Banks

High expectations: A look at John Banks’ 4 years at REBNY

High expectations: A look at John Banks’ 4 years at REBNY
Gov. Andrew Cuomo (Getty, iStock)

Commercial eviction and foreclosure ban extended until January

Commercial eviction and foreclosure ban extended until January
Gov. Andrew Cuomo (Getty)

Judge blocks effort to quash Cuomo’s new Covid restrictions

Judge blocks effort to quash Cuomo’s new Covid restrictions
Gov. Andrew Cuomo with the Cathedral Basilica of St. James and Agudath Israel of Madison in Brooklyn (Getty, Wikimedia, Google Maps)

Religious groups sue to stop Cuomo’s new lockdowns

Religious groups sue to stop Cuomo’s new lockdowns
Gov. Andrew Cuomo (Getty, iStock)

Covid hotspots must lock down tomorrow: Cuomo

Covid hotspots must lock down tomorrow: Cuomo
Gov. Andrew Cuomo (Getty, iStock)

Cuomo to redraw city’s shutdown map

Cuomo to redraw city’s shutdown map
arrow_forward_ios

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

Loading...