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New York

Bloomberg signs 421-a legislation

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The mayor signed 421-a legislation today that the City Council prepared last week. To qualify for 421-a tax breaks, a developer must now set aside 20 percent of their on-site units for low- and middle-income residents; the law also stipulates that only the first $65,000 of the market value of any apartment will be tax exempt. The new law aims to both stimulate affordable housing development in areas other than upscale Manhattan neighborhoods and reduce developers’ use of the abatement for the construction of luxury housing. The city’s announcement of the bill is here. [NYC.gov]