Four years ago, New York developers were on the verge of losing a privilege they had come to expect as a right: getting a steep discount on property taxes. The state’s “421a” tax exemption, which allowed condominium and rental builders to pay minuscule taxes for two decades as long as they invested in some affordable housing, was set to expire, and Gov. Andrew Cuomo and the state legislature did not provide a tremendous amount of […]
source https://therealdeal.com/2019/03/27/for-developers-who-love-the-old-421a-stalled-construction-sites-are-ripe-for-the-picking/
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