Carter Ledyard & Milburn: New York City Unveils Subsidy for Mixed Income Development
January 11, 2024
January 11, 2024
NEW YORK, Jan. 11 -- Carter Ledyard and Milburn LLP, a legal firm, issued the following news:
At the turn of the new year, New York City unveiled a city-funded adaptation of the 421a tax incentive (named after Section 421a of NY Real Property Tax and Proceedings Law), the lucrative state tax exemption that lapsed in 2022. Since the 1970s, developers for most major residential projects in New York City relied on 421a, which froze property taxes on new developments for up to 30 years. . . .
At the turn of the new year, New York City unveiled a city-funded adaptation of the 421a tax incentive (named after Section 421a of NY Real Property Tax and Proceedings Law), the lucrative state tax exemption that lapsed in 2022. Since the 1970s, developers for most major residential projects in New York City relied on 421a, which froze property taxes on new developments for up to 30 years. . . .