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Mayor Unveils Plan to Prop Up Crumbling BQE Until 2040

It’s been five years since the last fight over New York City’s most controversial development tax break — 421a — and developers are already preparing for the worst when the current version of the tax exemption expires in June 2022.

No one in the real estate industry knows what the state legislature will do. Will it repeal the 421a program entirely, or replace it with a new version that requires more apartments for lower-income New Yorkers in new buildings than the current iteration?

Brooklyn Paper

Photo: Orissa Post

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