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A Republican budget proposal in the New York State Senate would expand the proposed 421-a developer tax exemption to condo projects outside Manhattan with up to 80 units.
Under Gov. Andrew Cuomo's current budget proposal, released in January, developers building condo projects up to 35 units could qualify for the 421-a tax exemption, The Real Deal reports.
A cap on the average tax assessment value for benefiting condo units was also raised in the counterproposal from $65K to $85K. Developers have filed offering plans for 15 new condo projects containing between 35 and 80 units in the non-Manhattan boroughs since the 421-a program's expiration in January 2016, TRD wrote.
A report by New York City's Independent Budget Office found Cuomo's proposal would cost the city $8.4B in property taxes over the next 10 years. REBNY and the Building and Construction Trades Council came to an agreement in November to extend and expand the 421-a tax exemption, but the matter still needs to be approved by the state legislature and signed by Cuomo.
To combat rising homelessness, Mayor Bill de Blasio proposed in November a requirement that developers who received 421-a abatements to set aside half their community preference units, 5% of their total, to those living in homeless shelters.
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