Abolish 421-a tax break for developers, Hochul says

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Governor Kathy Hochul wants to do away with the state’s 421-a tax break for residential real estate development in New York City, and replace it with a new program more tailored to creating and maintaining affordable housing, she announced Wednesday in her first State of the State address.

Hochul did not release a specific proposal for a replacement program, but did offer several things she would like to see in one: a focus on fostering deeper and longer-term affordable housing, for one, as well as ensuring that taxpayer dollars are spent more efficiently, while still incentivizing the construction of rental housing across the city.

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