Mayor de Blasio Calls for Overhaul of 421-a Tax Benefits

Mayor Bill de Blasio recently proposed a sweeping overhaul of the 421-a tax program to spur a new wave of housing with rent-restricted apartments in New York City. The mayor called for tough new provisions in the 421-a program that will expand requirements citywide, double the amount of rent-restricted housing it generates, and ensure tax benefits are granted only when developers agree that new buildings will have a minimum of 25 to 30 percent of their apartments set aside as rent-restricted.

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