New York’s 421-a program for constructing affordable housing, via tax breaks for developers, will expire next month unless state lawmakers extend it. Gov. Kathy made no mention of the program at an affordable housing conference on Thursday.
It’s a trend that will likely continue in 2022, as momentum shifts away from the suburbs and international travel returns unless new Covid variants interfere.
Supporters say the plans help address New York’s housing crisis and help integrate the city’s neighborhoods. Opponents see more gentrification and giveaways for developers.
Press Release:
November 01, 2021
GOVERNOR HOCHUL SIGNS LEGISLATION EXPANDING NEW YORK COMMUNITY REINVESTMENT ACT TO NON-DEPOSITORY MORTGAGE LENDERS
Governor Kathy Hochul today signed legislation (S.5246-A/A.6247-A) to ensure equal access to credit by expanding the New York Community Reinvestment Act (CRA) to cover non-depository lenders.