Developers across the city are rushing to start work on residential buildings before the 421-a law requiring them to include a certain amount of affordable housing in their new properties is passed. At the same time, the future of 421-a is still uncertain, as the bill must pass the Legislature to take effect. Further, it may ultimately become law with even more affordable housing requirements than are currently stipulated. The real estate industry has been actively lobbying against the passage of the bill. “I think the mayor’s proposal and the City Council went way too far,” said Steven Spinola, president of the Real Estate Board of New York. “I believe this is going to have a negative impact on the building of affordable housing, and the building of housing.” more and
more [Sun]
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Developers catch 421-a fever
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