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City Suspends 421-a Benefits on Non-Compliant Properties
The de Blasio administration has cut off 421-a tax benefits to more than 1,700 property owners citywide who haven’t complied with the incentive program’s requirements. “These benefits have broad impact,” said Finance Commissioner Jacques Jiha (pictured). “They offer tax relief to property owners of multifamily units as an incentive to create more affordable housing in New York City.”
Part of a wider effort to ensure compliance with 421-a rules, the suspensions cover a total of 11,022 apartments, in properties ranging from three-family homes to large multifamily complexes. The Department of Finance and the Department of Housing Preservation and Development have also informed City Councilmembers which properties in their districts have been suspended and how they can help bring them back into compliance.
The city will reinstate owners’ benefits, representing $66 million in tax revenue for 2018, if they come back into compliance by May 1.
For comments, questions or concerns, please contact Paul Bubny
