The Return of 421-a?: The Real Estate Board of New…

[CURBD] 20091tax.jpg

The Real Estate Board of New York has an idea for filling all those empty holes in the ground: bring back the 421-a tax exemption for developers. The current version of the 421-a took effect in July and limits the tax breaks while forcing developers to add affordable housing on-site rather than just in the area (which explains why developers aren't into it). City Hall is not ready to bring back the freewheeling 421-a days, but the three-year limit for developers to finish projects that got the exemption may be extended. [NYDN]

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