New York’s controversial affordable housing tax break will cost the city almost $1.8 billion in tax revenue this fiscal year, according to a new report from the city comptroller’s office.
The report from Comptroller Brad Lander derides the 421-a tax break as expensive and inefficient. It reiterates Lander’s stance that the state should let 421-a expire June 15 and instead enact more comprehensive property tax reform.
Under the 421-a program, also known as Affordable New York, developers receive a tax break in exchange for making 30% of the housing units in their projects affordable. Most of the affordable units are actually too expensive for the majority of New Yorkers, however,
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