COUNCILMAN WILLIAMS RESPONDS TO EXPIRATION OF 421-A TAX ABATEMENT

STATEMENT BY COUNCIL MEMBER WILLIAMS 

  "421-a failed to create enough affordable housing to justify the substantial tax breaks given to developers. The expiration of 421-a is an opportunity to rethink our approach to development and affordable housing, and given New York City's worsening housing crisis, it's an opportunity we can't pass up.

Whether it's a new version of 421-a, or something different, New York City must have a tax incentive program that encourages developers to build real affordable housing. At the same time, we can't afford to give away tax breaks without ensuring the creation of housing that is affordable for working and low-income families and provides good jobs for local residents, which means workers must be paid fair wages and new developments must also include permanent, on-site affordable units at 40% AMI or lower.

Now, we need all parties to come back to the table, take a fresh look at our options and create a plan to build housing with meaningful affordability requirements, fair labor standards, livable wages and equally as important, plans to ensure that jobs will go to communities too often ignored and underrepresented."