Real estate developers are pushing for changes to New York City’s proposed rules for two new housing tax breaks meant to encourage multifamily housing and spur office conversions to fight the city’s housing crunch.
The draft rules would make it harder to finance projects and ultimately deter use of the incentives, the Real Estate Board of New York told city officials Wednesday. A major landlord raised similar concerns at a public comment session held by the city’s Department of Housing Preservation & Development.
For the office conversion tax break, in particular, developers faulted the city’s proposal requiring commercial owners to ...
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