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Cuomo: I Have A Bill That Could Replace 421-a

Andrew Cuomo
New York Gov. Andrew Cuomo

Gov. Andrew Cuomo is planning a bill that could replace the 421-a tax abatement whole hog.

The controversial affordable housing abatement was allowed to expire last year after a long fight over several of its finer points, including a prevailing wage requirement for construction workers.

It’s since been patched back together, but over the weekend, the governor, as a guest on John Catsimatidis’ radio show, told the developer and grocery magnate that a bill is on its way to Albany that he’s calling “affordable New York.”

Cuomo said “it has been signed off by the real estate community and the labor unions,” according to the New York Daily News.

He said it will create 2,500 units of affordable housing per year, and give developers 40 years of tax breaks. State Senate GOP spokesman Scott Reif tells the News the chamber leadership hasn’t yet seen the specifics of the plan. [NYDN]