The proposed deal between the Real Estate Board of NY (REBNY) and the construction unions guarantees higher wages for buildings constructed with proposed 421-A tax breaks. But at what cost? On THURSDAY, DEC. 1 at 1 PM at City Hall in Manhattan, join the Real Rent Reform Campaign, the Alliance for Tenant Power and other coalitions opposed to the $billion giveaway to developers.
See NY Slant's article by Tom Waters
Excerpt:
See NY Slant's article by Tom Waters
GOVERNOR CUOMO’S FLAWED 421-A PROPOSAL
Excerpt:
In recent years, 421-a has cost New York City more than a billion dollars a year in foregone tax revenue ($1.2 billion in 2016), while producing about $100 million a year worth of affordable housing.
Cuomo’s proposal would cost the city $2.4 billion a year in revenue, without bringing about a remotely comparable increase in affordability benefit.
This enormous new tax expenditure would be wasteful in any context, but it is especially ill advised at a time when vital federal subsidy streams to the city are in jeopardy in a Trump presidency. For comparison, the New York City Housing Authority currently receives $910 million a year in federal operating subsidies for public housing and $930 million a year for Section 8 vouchers.
