The proposed budget bills New York Gov. Kathy Hochul (D) released Tuesday provide more insight on the tax incentive she is seeking to encourage affordable housing construction in New York City.
Hochul has said she wants a new version of the 421-a tax abatement, which until it expired in 2022 gave developers a tax break over decades in exchange for creating a certain amount of affordable housing.
As part of her $233 billion budget, Hochul proposed giving a full property tax exemption during construction of new affordable housing for up to three years. Under the new incentive—which ...
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