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December 15, 2006
Ratner Faces Fewer Tax Breaks
The Real Estate Observer
Bruce Ratner's so-called friends are about to cost him tens of millions of dollars in lost tax breaks because of a bill pending in the City Council.
The stormy debate over the 421-a multifamily housing tax incentive still has a few days to play out (and another year in the state Legislature), but the version backed by Speaker Christine Quinn and a majority of City Council members would revoke a 15- to 25-year tax abatement that Ratner's condos would have received had they been built under current rules.
Posted by lumi at December 15, 2006 5:41 PM