After nearly two years, it is a “new day” for real property tax incentives. New York State has launched new and ambitious initiatives to incentivize housing development and make living in New York City more affordable. Recently enacted by the state legislature and signed into law by the governor, the widely publicized housing package extends
Governor Hochul has announced that she and legislative leaders have reached an agreement on the framework of a new housing deal. While details are still emerging, the proposed agreement is expected to introduce a replacement for the expired 421-a tax incentive, aiming to boost affordable housing development. Additionally, the agreement will likely extend the construction
As the New York City development community awaits a possible extension of the Section 421-a completion deadline, developers can still preserve, and even increase, the value of their asset in the event no such extension is granted. A New Path for Unfinished Portions of Section 421-a Projects The deadline for completing construction for Section
