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June 26, 2007

City Limits explains the 421-a changes

Atlantic Yards Report considers City Limit's examination of the 421-a reform bill that contained the exception for Atlantic Yards, dubbed "the Atlantic Yards carve-out."

There's no map (yet) of the exclusionary zones added to the 421-a reform legislation passed by the State Legislature last Thursday (but not yet signed by Governor Eliot Spitzer), but City Limits has a good article, headlined REDRAWING THE 421-A FORMULA FOR TAX BREAKS AND HOUSING, summarizing the law's multiple factors.

Along with the expansion of the zones where developers would be required to build affordable housing in exchange for a tax break, the bill features the notorious "Atlantic Yards carve-out" and, crucially for the real estate industry, an extension of the current law for six months--which should spark a frenzy of building, especially in Manhattan north of 96th Street and south of 14th Street, boundaries of the current exclusionary zone.

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Posted by lumi at June 26, 2007 8:45 AM