City and state agree on 421-a bill

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The city has agreed to endorse a state bill reforming the 421-a tax abatement program, in exchange for alterations that ensure city-financed middle-income developments will be built. The Bloomberg administration had feared the earlier version of the bill would make middle-income housing developments — liked the planned Queens West — impossible. With the two sides having reached a compromise, the bill is expected to easily pass the Legislature when it next convenes, probably in September, and be signed by the governor. more [Crain’s]