Four years later, SI hurting from tax abatement absence

While the 421b tax abatement program likely had little impact on many Manhattan residential developers, Staten Island is still going through withdrawal in its absence, four years after the program ended, according to Crain’s. The 421b program, which helped those buying single-family homes, much like the 421a program that helps condo and co-op buyers, had spurred new construction of homes there, according to a report from the Building Industry Association of New York City, and its absence has taken a toll. “The elimination of the tax abatement program curtails development of housing,” Thomas Conoscenti, the author of the report, said.