Gov. Kathy Hochul announced Wednesday that an estimated 71,000 new apartments will be added to New York City’s housing stock after she extended the deadline for the 421-a affordable housing tax break. The extension allows for an additional six years to complete projects already in the pipeline, including more affordable units.
Speaking at a press conference in Williamsburg on Oct. 16, Hochul said the city’s Department of Housing Preservation and Development had received letters of intent from owners representing nearly 650 buildings after announcing during the summer that the construction deadline for eligible projects had been extended to June 15, 2031. This ensures developers can continue projects stalled by pandemic-related market volatility, according to Hochul. Initially, the program was set to expire in 2026.
