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REBNY: Affordable initiatives hurt

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Steven Spinola, president of the Real Estate Board of New York, said some of the city’s recent initiatives meant to spur the creation of affordable housing–such as the 421-a tax abatement revamp–could hurt the pace of new residential development. “We are confronted with the possibility of basically the housing market stopping,” Spinola said at a banquet yesterday. Spinola said the city should offer developers larger subsidies for the creation of affordable housing. more [Sun]

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