Monthly Archives: January 2016

No 421a Answer Soon

Don’t look for the State Legislature to restore the 421a program anytime soon. Albany watchers predict nothing will happen before June, at the earliest. Meanwhile, developers permitted 7,781 units in December to beat the incentive’s expiration. A total of 56,248 … Continue reading

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Grateful Taxpayers?

Property taxes will go up almost 6 percent under the 2017 City Budget proposed by Mayor de Blasio yesterday, but average class two taxes will likely average closer to an 8 percent increase based on tentative assessment rolls released last … Continue reading

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Out With a Whimper

The controversy over tax incentives for affordable housing began with a bang this week when the Independent Budget Office issued a report concluding that paying prevailing union wages adds 13% to the cost of construction. It ended with a whimper … Continue reading

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Treble Damage Trouble

Governor Cuomo, Wednesday, claimed that almost 2,000 buildings with 50,000 apartments have failed to register as rent stabilized despite receiving J-51 benefits. Letters are being sent to the owners. If you receive such a letter and your building is properly … Continue reading

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