New York Tax Abatement

Construction workers at a rally demanding prevailing wages in a 421-a renewal. Photo via The We Party

Hated by many, beloved by some and misunderstood by most, the 421-a tax abatement expired on Friday after the Real Estate Board of New York and the Building and Construction Trades Council of Greater New York failed to come to an agreement regarding its extension.

But what was the 421-a tax break? And why should you care? (more…)