421-a compromise reached

The City Council has reached a new compromise regarding the future of the 421-a tax abatement program. Under the newest proposal, expected to pass through the Council this week, developers in more neighborhoods in Manhattan and Brooklyn will have to include 20 percent affordable housing in their projects in order to qualify for the popular tax break, which is currently easy to obtain. Some council members had been pushing to extend the affordability requirement across the city. more [Metro]