Hochul: 421-a Extension Will Mean 71K New Housing Units for NYC

New York Gov. Kathy Hochul said Wednesday that about 71,000 new apartments will be developed in New York City, including 21,000 affordable units, thanks to an extension of the construction completion deadline for the 421-a tax incentive program. The completion deadline extension was part of a joint effort between Hochul and the Adams administration to secure new tools to address the city’s housing crisis.

Hochul and Mayor Eric Adams said jointly on Wednesday that the New York City Department of Housing Preservation and Development received Letters of Intent for approximately 650 buildings as a result of the completion deadline extension. Announced this past June, the extension applied to projects underway as of June 15, 2022 and extended the deadline for completion to June 15, 2031.

“By extending the 421-a construction completion deadline, we are able to put more than 70,000 new homes back on track and create affordable options to live in New York City,” said Hochul. “My administration is committed to combating the affordability crisis in every region of the state, and I want to thank Mayor Adams and his team for their partnership and advocacy as we tackle the housing crisis.”