421-a - Tax break for billionaires, resulting in few affordable apartments

Jenny Akshin of Met Council on Housing has written a terrific blog post:

The True Cost of 421-A, noting that with the $1.1 Billion lost to 421-a tax abatements for luxury housing in fiscal year 2013/2014, New York City could have:

• made up for NYCHA’s deficits in FY2014, or
• built (at least) 13 high-quality multi-family rental buildings, for over 1500 units of truly affordable housing, or
• doubled the number of vouchers available through the Section 8 Program