The 421-a program created under John Lindsay to stimulate residential development made sense at a time when no one wanted to touch New York real estate but is nothing but a free lunch to developers, according to The New York Times op-ed page. In the most recent fiscal year, the program gave developers $400 million in tax breaks and resulted in very little benefit to the middle- and lower-income earners who need the help the most. In an attempt to scale back — but not eliminate — the program, Mayor Bloomberg has proposed creating an “exclusionary zone” in much of Manhattan as well as Dumbo, Brooklyn Heights and the Queens waterfront (check out the map on the jump). Both the J Condo and 85 Adams in Dumbo have benefited from the 421-a program. This is a start, opines The Times, but it ain’t good enough. “While Mr. Bloomberg has been aggressive and innovative in his efforts to create housing for people at the low end of the income scale,” write the editors, “a much stronger push for reasonably priced apartments will be needed if New York is going to hold on to its middle class.” Do you agree?
Ending a Housing Giveaway [NY Times]
421-A Program May Get Extended [Brownstoner]
Dumbo Condos Affect by 421-A Proposal [Dumbo NYC]