City Sends Revocation Notices to 178 Buildings Receiving 421-a Benefits
Mayor Bill de Blasio, Attorney General Eric T. Schneiderman, and Governor Andrew M. Cuomo recently announced that HPD has issued letters notifying owners of 178 residential buildings–with a total of 1,400 rental apartments–that their 421-a tax benefits will be revoked retroactively if they don’t comply with the requirements of the 421-a program, including registering their apartments as rent regulated.
“Owners wrongfully receiving 421-a are on notice–comply with the law or your tax benefits will be revoked. Since day one, my Administration has made enforcement of rent regulation laws and protecting tenants a priority. With our state and law enforcement partners, we will continue to fight for a reformed 421-a program that better serves New Yorkers,” said Mayor Bill de Blasio.
This is the latest action under the Real Estate Tax Compliance Program, a joint initiative of the Attorney General, HPD, and the Governor’s Tenant Protection Unit to ensure building owners receiving 421-a benefits are in compliance with the law. In September, as part of the enforcement program, HPD instructed the city’s Department of Finance to revoke benefits to 35 other buildings. Those buildings have a total of 244 apartments, and would receive a total value of $4.5 million in tax benefits under 421-a.