Key affordable housing program may lapse due to ‘politics’ as NYC rents soarBy Nolan Hicks and Zach Williams
May 22, 2022
Progressives are on the verge of killing one of the Big Apple’s biggest and most controversial affordable housing programs, potentially nixing the construction of thousands of new rent-stabilized apartments as rents soar across the city.
Efforts to extend or overhaul the 421-a program have stalled in Albany amid fierce opposition from lefties and ineffective pushback from City Hall’s dysfunctional statehouse operation, which has failed to reach out to key lawmakers.
“This is all politics. What’s going on here is the far left wants to trade it for [limiting evictions] and you’ve got people facing primaries who would prefer that nothing happen,” said one veteran Albany operative.
The 421-a program, set to expire in June, provides developers with city property tax abatements worth an estimated $1.8 billion in exchange for agreeing to limit and regulate the rents on a portion of the apartments in the new buildings they erect.
* * *
Source:
https://nypost.com/2022/05/22/ny-affordable-housing-program-set-to-lapse-as-big-apple-rents-soar/
