Wednesday, November 30, 2016

Rally against 421-A deal

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


NOVEMBER 29, 2016 |  

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. 

Thursday, November 10, 2016

New Albany tax give-away to developers - Nov. 11, 2016 ?

From the Association of Neighborhood and Housing Development website:

Albany Gives Our Budget Away to REBNY As the City Faces Massive Loss of Federal Support

Albany Deal Will Give Away Billions More in Extended Real Estate Tax Exemption Proposal

The big-real estate developers lobbying group, REBNY, announced a proposed new deal today to bring back the controversial 421a Developers Tax Exemption. As ANHD pointed out in a blog last week, the proposal is unconscionable on its face because it will give developers an additional 10-year exemption, on top of an already grossly excessive 25-year proposed exemption, creating a tax break that is unprecedented and unjustifiable on any fiscal or programmatic grounds – all at the expense of New York City taxpayers