New York City Comptroller Brad Lander issued the following statement on the State Legislature decision to exclude the proposed 485w program from the FY 2023 state budget:
“Lawmakers made the right call in declining to rush through a tweaked version of the 421a tax exemption program that would still amount to an egregious giveaway of billions of public dollars for barely an iota of housing affordable to New Yorkers.
“Now, with three months remaining until the expiration of the 421a program on June 15th, we have an opportunity to fix what’s broken in New York City’s property tax system, level the playing field for rental housing construction, and finally target our affordable housing tax exemptions to actually affordable housing.”
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