January 19, 2017
By Stephanie West
Albany NY – The Real Estate Board of New York and the Building and Construction Trades Council of Greater New York reached a deal to replace the program previously known as 421-a. The legislation, “Affordable New York” expands the production of affordable housing and provides fair wages for construction workers.
“Under the new “Affordable New York” housing program, developers of new residential projects with 300 units or more in certain areas of Manhattan, Brooklyn and Queens, who create a specific number of rental units to remain affordable for 40 years, and pay construction workers an enhanced average wage and benefits, would be eligible for a full property tax abatement for 35 years. For all other affordable developments in New York City, the period of affordability and abatement eligibility would be tied to the number of 2 housing in New York City while recognizing the work of the employees who build them,” Governor Cuomo said. “This agreement will expand housing opportunities for low-income individuals by lowering income eligibility requirements, and extend affordability for projects created with 421-a for an additional five years. This is a major step forward in our efforts to provide affordable housing in New York City and ensuring benefits and fair wages are paid to hardworking men and women. I’m urging the Legislature to pass the Affordable New York bill and release the $2 billion housing fund.”
Gary LaBarbera, President of the 100,000 member Building and Construction Trades Council of Greater New York said, “This legislation will not only help spark the creation of desperately needed affordable housing in New York City, but it also will ensure that the construction workers who build it will receive good middle class wages. We applaud Governor Cuomo for his steadfast leadership and commitment to renewing this critical law which will undoubtedly help keep New York competitive for years to come. None of this could have been done without our partners on the other side of the table, namely the leadership of REBNY, including Rob Speyer and John Banks.”