Is the end of the 421-a tax abatement program ‘a self-created recession’?

Posted On Tue, November 1, 2016 By

Posted On Tue, November 1, 2016 By In affordable housing, CityRealty, Features, real estate trends

On this past January 1, the 421-a tax abatement program expired after 44 years in existence. Any new construction permitted before January will still benefit from the program, but many want to know what the expiration of this program mean for new construction? And how will the projects still under the 421-a umbrella use their reduced tax status to promote their buildings? While some experts feel that shutting down the abatement was an action long overdue, many others believe that the program’s end has prompted “a self-created recession.”

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