THURSDAY, JANUARY 29, 2015
10:00 AM CHAMBERS OF CITY HALL |
Tomorrow, the New York City Council's Committee on Housing and Buildings, Chaired by Council Member Jumaane D. Williams (D-Brooklyn), Deputy Leader, , will hold an oversight hearing entitled "A Review of the 421-a Tax Benefit Program." The 421-a program was designed to encourage residential development of underused land by significantly reducing the property taxes for time periods ranging from 10 to 25 years, and has has two main objectives - stimulate residential development and increase access to affordable housing for low-income New Yorkers.
Housing advocates argue that the tax exemption is a give away for developers and costs the city more than $1 billion in tax revenue per year, while others argue that 421-a is a necessary tool to meet the Mayor's ambitions 10-year affordable housing goal.
The Rent Act of 2011 extended the 421-a tax exemption to June 15, 2015, and unless the State Legislature extends the program, the tax exemption will expire on that date. This hearing will focus on the benefits and drawbacks of the program, including a consideration whether or not the tax exemption should be allowed to sunset this June.
WHO: Council Member Jumaane D. Williams; members of the Council's Housing and Buildings Committee; those testifying, including members of the Administration, elected officials, housing developers, housing advocates, members of the real estate industry, and other interested members of the public.
WHAT: Council Oversight Hearing on 421-a Tax Exemptions for Residential Developments
WHERE: Chambers of City Hall
WHEN: Thursday, January 29, 2015, 10:00 AM
CONTACT: William Gerlich, wgerlich@council.nyc.
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