New York City developers could get a property tax break for up to 40 years for building affordable housing under a budget bill state lawmakers approved Saturday.
The bill, A8806C, also includes tax benefits for converting offices into housing and constructing accessory dwelling units.
Housing has been a key hangup in budget negotiations, which have run nearly three weeks past the original April 1 deadline. Bringing back the tax break was a top priority for Gov. Kathy Hochul (D), who said April 15 the state budget needed to “meaningfully address the housing supply” with the city grappling with historically ...
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