Report: New York Senate Proposal Calls for More Condos in Revised 421a Program NYC Mayor de Blasio's Office Criticized the Move

Bill de Blasio, circa 2013 (uploaded by PanchoS, via Wikimedia Commons).

A proposed Republican New York State Senate bill calls for an increase in the number of condo projects from the outer boroughs as part of a revised 421a tax abatement program  to spur affordable housing--a move that earlier prompted concern from New York City Mayor Bill de Blasio, The Real Deal reported Wednesday.

According to the article, the bill could allow as many as 80 units outside of Manhattan to be eligible for the tax exemptions, which would represent an increase of 45 additional units from Gov. Andrew Cuomo's proposal from last January.

The story referenced State Senators Simcha Felder (D-17th Dist., Brooklyn) and Marty Golden (R-22nd Dist., Brooklyn) as the legislators who had previously advocated for more larger condos from the outer boroughs to have the tax breaks. Neither the two senators, as well as representatives for the governor and the Real Estate Board of New York (REBNY), commented to The Real Deal about the new proposed Senate bill

Last January, amid reported talk in Albany about adding more condos to the revised 421a program, de Blasio earlier expressed his concern, saying that such a move would “creep back into the direction of the old and broken system.”

A spokesperson for de Blasio provided a statement to The Real Deal in response the latest Senate proposal: “This is an affordable housing program, not a giveaway for condos. We can't accept the Senate's proposal. There is no justifying more and more costs piled on New York City taxpayers, without a single affordable apartment to show for it.”

Read More...

Related Articles

How Rezoning Can Change a Neighborhood from Industrial to Residential

Brooklyn's Gowanus Neighborhood May Be Next

The Real Estate Board of New York (REBNY)

Trading Places in the Big Apple

Mayor and City Council Ink Budget Deal

New York City's Budget Up to $75 Billion – But No New Taxes