TA Letter Against Tax Break for Real Estate Developers

Albany recently renewed a generous tax break for developers tied into providing new affordable housing for the city. It hasn’t worked so far and, renewed, will still not be meaningful. Worse, this tax break, known as 421-a, used to expire at the same time as the rent laws, giving tenants leverage in negotiations. Prior to the vote during the budget process in Albany, the TA sent a letter to elected representatives stating our objection to the renewal of the tax break.