NYC gets Tough on 421-A Owners

New York City is are getting tough on owners who haven’t lived up to their promises under the 421-A property tax exemption, sending letters to the owners of 3,103 buildings totaling 37,141 apartments

“We will not allow anyone to flout the law,” said Vicki Been, commissioner of New York City’s Department of Housing Preservation and Development. “We will continue to cooperate across levels of government to use all of our enforcement powers to crack down on those who would abuse the system.”

To get their 421-A tax break, owners have to show that their apartments are registered as rent-stabilized, and apartments designated as “affordable” are priced properly.