Gov. Kathy Hochul plans to make big strides in real estate, announcing goals to end the 421-a tax-abatement program; develop, build and preserve affordable homes for New Yorkers; as well as create a railway to connect Brooklyn and Queens.
In her State of the State address Wednesday, the governor called for replacing the tax program, which currently produces nearly 30% of the city’s affordable housing units, with one that uses public dollars more effectively.
Several elected officials, including Comptroller Brad Lander, have called the abatement a giveaway to developers that doesn’t produce enough housing.
Hochul is also launching a five-year plan to build and preserve 100,000 affordable
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