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March 16, 2006
Are Tax Breaks for Builders Still Needed in Hot Market?
The NY Times
By Janny Scott
The headline says it all. With a residential development boom, should the city be missing out on millions of dollars of revenue by subsidizing the construction of luxury housing through the 421-a tax-incentive program?
ACORN has issued a report and proposals to improve the program by requiring more affordable housing.
The group's report comes less than a month after Mayor Michael A. [sic] Bloomberg appointed a task force of developers, housing advocates and others to rethink the program, which city housing officials say has fueled the construction of more than 110,000 units since 1971 but has also cost the city hundreds of millions of dollars in lost taxes a year.
Posted by lumi at March 16, 2006 8:04 AM