Following the release of recommendations from the New York City Advisory Commission on Property Tax Reform last week, Comptroller Brad Lander issued the following statement:
“Comprehensive property tax reform must also address the imbalances in how multifamily properties are taxed, so that we don’t continue to disadvantage the development of rental buildings relative to condos. With the 421-a property tax exemption program expiring this year, we have a real opportunity to achieve comprehensive, fair, and efficient reform. The 421-a program has long been an obscenely excessive giveaway to developers masquerading as an affordable housing program. My office will endeavor to provide analysis and policy guidance to achieve comprehensive property tax reform that meets the principles of fairness and predictability, that protects the most vulnerable, and that makes wise use of New Yorkers’ tax dollars.”
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