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October 21, 2006

"Gentrification subsidy": proposed 421-a reform seems tentative

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Atlantic Yards Report

A city task force has issued recommendations to modify the 421-a tax break in order to generate at least $200 million for affordable housing.
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Currently, developers who get tax breaks in the 421-a exclusion zone--Manhattan from 14th Street to 96th Street and the Greenpoint-Williamsburg waterfront--must include at least 20 percent affordable housing. The program would expand to parts of Harlem, Lower Manhattan, DUMBO, Brooklyn Heights, and parts of the Brooklyn/Queens waterfront.

In other words, there would be no requirement to build affordable housing on the non-railyard blocks of the proposed Atlantic Yards site.

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Posted by amy at October 21, 2006 8:22 AM