Solution for Affordable Housing: Develop new affordable housing by improving the 421-a tax benefit.

Your rating: None
Affordable Housing
Develop new affordable housing by improving the 421-a tax benefit.

The 421-a tax break costs our City budget almost half a billion dollars a year just to subsidize luxury development. An analysis by the Pratt Center for Community Development analyzed over fifty condos slated to receive the 421-a tax credit and found that of the over 6,100 units created, not one was affordable with a price lower than $350,000, with most priced above $600,000 and some exceeding $2 million, for lifetime costs exceeding another half billion dollars. We should adopt the reforms to 421-a proposed by “Housing Here and Now” and its coalition of hundreds of community and advocacy groups by defining affordable housing in the context of the neighborhood, creating permanently affordable units on-site, with the requirement that all workers be paid prevailing wage. We should also consider transitioning from a geographic exclusion zone that requires an affordable housing component to a more organic community related index that would trigger affordable housing for any luxury construction.

Former New York City Public Advocate Mark Green, "Change for New York: 100 Ideas for a Better City"", 2009.

Post new comment

The content of this field is kept private and will not be shown publicly.
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Enter the characters shown in the image.