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NYC Is Making People Homeless... on Purpose

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In this 20 February 2024 video, Cash Jordan at the housing situation in New York City and what is happening.

New York City is America’s hardest city to live in, and the housing prices are so high, pretty soon nobody will be able to afford the crazy rents, unless the state acts to get affordable houses built, and fast.

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The 421-a program applies to developers in New York City who build multi-family housing on land that is “vacant, predominantly vacant, or underutilized.” 421-a applies to newly built, market-rate, multi-family housing units, whereas a rehabilitated or converted multi-family residential building is subject to J-51 tax exemption and abatement. The program also requires a portion of a new development’s units to be affordable in order for the developer to qualify for the tax exemption.

The rules for the 421-a tax exemption include several “enhanced affordability areas” in parts of Manhattan, Queens, and Brooklyn. Buildings with more than 300 residential units which are located within these areas would be granted a 100% tax exemption for up to three years during construction, plus a 100% exemption for 35 years after construction is complete, provided they comply with one of three 421-a options. For all other buildings that do not qualify for the enhanced-affordability option, these buildings would have a tax exemption for 3 years during the construction process and 35 years after construction ends, provided they comply with one of the three other 421-a options. However, the 100% exemption would only apply during the first 25 years after the completion of construction.

Throughout the period of the exemption, the developer must pay at least the property taxes paid on the property prior to the exemption being granted. Developers do not have to pay taxes on the increased value of the property for the duration of the exemption period, with a phase out period in which the tax benefit is gradually reduced over years. The lost property taxes would otherwise go to the city government as property tax revenue.


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    • John

      The worse it gets they more they can claim more power! Problem (they cause), reaction, solution (slavery).

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