Mayor Adams says more affordable housing impossible without renewal of developer tax incentive program


Mayor Eric Adams’ plan to create more “affordable” housing by converting unused office spaces into apartments hinges on the temporary renewal and/or ultimate replacement of a controversial tax incentive for developers that lawmakers let expire last year, he said Monday.

After taking a tour of 160 Water Street — a Lower Manhattan building currently being converted from offices to 588 units of market rate housing — Adams, during a news conference, said that, in order for office-to-residential conversions to yield affordable housing, state lawmakers and Governor Kathy Hochul need to implement either 421-a or a similar program. He called for including those items, as well as several others related to his housing agenda, in the final state budget, which must be approved by April 1.