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June 8, 2011

Pratt Center on 421-a renewal plans, which extend subsidies without affordability: A Luxury Housing Subsidy New Yorkers Can't Afford

Atlantic Yards Report

According to a new issue brief by the Pratt Center for Community Development, the 421-a tax exemption to support new housing, cost New York City nearly $755 million last year in foregone taxes, or two-and-a-half times the level of property taxes forgiven under the program just five years earlier.

Now, the state legislature is poised to renew it, part of negotiations on rent regulation, the Pratt Center notes that it has produced only 5700 units of affordable housing over some 25 years.

What news outlets have picked up this news? Just City Limits, as far as I can tell.

The failure of reform legislation

Brooklyn readers should note the failure of reform legislation, announced just about the time that Atlantic Yards was first approved.

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Posted by eric at June 8, 2011 7:59 AM