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June 16, 2009

REBNY Pushing for Sweeter 421-a Deal

gravy-train-0609.jpgBack in 2007, the state put a cap on the tax deductibility of 421-a negotiable certificates and effectively cut their value in half. Now the Real Estate Board of New York is lobbying to remove the caps and return the deductibility calculation to being based on the full assessed value of the property. "We believe the $65,000 cap on assessments is a mistake in this climate," REBNY President Steven Spinola said. HPD is reviewing the proposal, according the The Real Deal.
REBNY Proposal Boosts 421-a Certificate Value [TRD]




Posted by Brownstoner at 10:15 AM | Comments (3)
Categories: Development

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Comments

well I hope a few of these REBNY board members bought a few of these "negotiable certificates" first, to make it worth their time. All of this greater-good stuff is exhausting. Jesus. If these were stocks they'd all be going to jail.

Posted by: joe_the_bummer at June 16, 2009 10:28 AM

I could think of a few better places that even a SuperMax...Hell for one (pick your own religious flavor of damnation).

Screw the public when the market is up, screw the public again when the market is down.

Devil is the the details, as they say...pitchfork and all.

Posted by: Action Jackson at June 16, 2009 10:36 AM

Anyone else? I have been waiting since my initial app from July 2007. A deficiency was cured in October 2008, but still no final decision.

Posted by: bmfesq at June 16, 2009 1:17 PM

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