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:

NY Daily News' Juan Gonzalez: Mayor Bill de Blasio proposes sweeping pro-tenant changes to rent laws

NY Times: Mayor de Blasio's Plan to Spur More Affordable Housing in NY