Thursday, May 7, 2015

Mayor de Blasio's Plan for Affordable Housing

Mayor de Blasio has proposed STATE laws that he says would create 60,000 units of affordable housing
  • Increase 421A tax break affordable housing requirements from 20% to 25-30% of units built.  421A would apply to rental housing only (not condos), and the affordable units would stay affordable only for 35 years - not permanently.
  • To the existing 1% sales tax for apartments selling for $1 million or more, add 1% for those selling at $1.75 million or more, and another 0.5% for apartments $5 million or more.
  •  End vacancy decontrol of apartments
  •  End the current 20% rent increase when an apartment becomes vacant.
  •  Limit Major Capital Improvement and Individual Apartment Increases so they are not permanent.
See the details in:

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