Five years ago, the 421-a tax abatement meant to incentivize affordable housing development was renewed and christened with a new name: Affordable New York. Despite the program’s $1.7 billion annual price tag, New York City remains as unaffordable as ever and the homeless crisis has reached the highest level since the Great Depression. To put it simply, 421-a has been a failure.
With Gov. Kathy Hochul’s recent announcement that she intends to end the 421-a program, the state Legislature has a real opportunity to create a better way forward. If that’s done correctly, New York can show the country how to solve a housing crisis while creating a
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