Report: 421a benefits mostly luxury housing

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The 421a tax abatement program has mostly benefited luxury residential development in New York, according to city Comptroller William Thompson Jr. Most of the subsidies under the 421a program have gone to some of the most expensive housing in the city, according to a report released Tuesday by Thompson’s office. A task force appointed by the city is currently looking into altering the 421a program, which was started in the early 1970s. more [Crain’s]