Brooklyn Landlords Dodge 421-a Requirements
The naysayers of tax abatement program 421-a have new ammunition. The New York Times reported that developers of almost 200 buildings citywide — the majority in Brooklyn — failed to meet the requirements of the 421-a program. Close to 2,500 apartments subsidized by the program have neither been made into affordable units nor put on a rent-stabilization roll…
The naysayers of tax abatement program 421-a have new ammunition. The New York Times reported that developers of almost 200 buildings citywide — the majority in Brooklyn — failed to meet the requirements of the 421-a program. Close to 2,500 apartments subsidized by the program have neither been made into affordable units nor put on a rent-stabilization roll as required.
Without the regulation of rent stabilization, owners may remove tenants and sell the units at their convenience.
On Tuesday, three agencies sent letters to building owners requesting they register units as rent-stabilized immediately. The agencies — the New York City Department of Housing Preservation and Development, the state attorney general’s office, and the state Division of Homes and Community Renewal’s Tenant Protection Unit — further alerted owners that if they fail to comply they chance returning the tax incentives received from the 421-a program.
The letters were initiated by a tenant complaint, but trouble in relation to 421-a is longstanding. The program forgave $1,000,000,000 in taxes in 2014.
Nearly 200 Buildings in New York City Flouted Tax Rules, Officials Say [NYT]
421-a Coverage [Brownstoner]
Most Government programs of Tax Abatement’s in return for rent breaks etc do not work, because no one sets up a program of follow up. This is not a new implementation of the 421 A program, it has been on the books for ever. But if a developer/landlord went to DHCR to register the building/rents the chances are they would be met by a poorly trained staff member that had no idea and no forms for the apartments/buildings to be registered with.
Most Government programs of Tax Abatement’s in return for rent breaks etc do not work, because no one sets up a program of follow up. This is not a new implementation of the 421 A program, it has been on the books for ever. But if a developer/landlord went to DHCR to register the building/rents the chances are they would be met by a poorly trained staff member that had no idea and no forms for the apartments/buildings to be registered with.
DeBlasio and his comrades are a always harassing landlords. Where do they get the idea that housing is not private enterprise. Deblasio is about to throw away $300 million taxpayer dollars ‘re-doing housing project roofs. They don’t even know what a bad roof looks like but they’re about to line some contractor’s pockets for unnecessary work.
That money would be better spent either gut renovating entire buildings or knocking them down completely and building new ones. Tens of millions of dollars were spent re-doing roofs of The Louis Armstrong Houses (Nostrand/Lexington); a building that is in horrendous condition and needs to be torn down.
I am so glad I didn’t bother voting
Surely this is satire? All other nonsense aside, if you have opinions, vote or shut the hell up.
DeBlasio and his comrades are a always harassing landlords. Where do they get the idea that housing is not private enterprise. Deblasio is about to throw away $300 million taxpayer dollars ‘re-doing housing project roofs. They don’t even know what a bad roof looks like but they’re about to line some contractor’s pockets for unnecessary work.
That money would be better spent either gut renovating entire buildings or knocking them down completely and building new ones. Tens of millions of dollars were spent re-doing roofs of The Louis Armstrong Houses (Nostrand/Lexington); a building that is in horrendous condition and needs to be torn down.
I am so glad I didn’t bother voting
Surely this is satire? All other nonsense aside, if you have opinions, vote or shut the hell up.