Wednesday, February 18, 2015

Don't subsidize penthouses with our tax money.

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the Observer: Progressives March Against Tax Break for Luxury Developments

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Progressives rail against the 421-a tax abatement outside One57 today. (Photo: Ross Barkan/New York Observer)
EXCERPT: "The tax abatement, known as 421-a, offers tax exemptions for developers that build multifamily housing in the city. Critics from groups like New York Communities for Change, Make the Road New York and Vocal New York charge that the tax break, created in the 1970s to spur development at a time when the city’s fiscal health was waning, is antiquated, allowing powerful developers to reap millions in tax breaks while creating housing exclusively for the wealthy."

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