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Old 01-12-2018, 07:19 PM
 
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I know 421a becomes rent stabilized after expiration. Does the new buildings with mix and match income follow same rules ? Thanks
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Old 01-13-2018, 09:46 PM
 
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Quote:
Originally Posted by Ezmortal View Post
I know 421a becomes rent stabilized after expiration. Does the new buildings with mix and match income follow same rules ? Thanks

You can easily find this information by using "Google".


421a is a program where a building is given a discount on property taxes for either new development and or major maintenance/repair/investment into an existing building. Previously the benefits sunset after a period of years, but *think* now any "affordable" housing created must now be permanent.


Lottery/affordable housing or whatever mixed income buildings come from NYC granting a developer various zoning variances and or he is building in an area that has been already rezoned. In exchange for greater height/density or building a residential building in a commercially zoned area a certain percentage of units must be "affordable". IIRC NYC has now changed this as well to make such apartments "permanent".


Again this is all easily found out on the web in great detail.
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Old 01-14-2018, 03:25 PM
 
10 posts, read 10,658 times
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My google was not working. Thanks Bugsy
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Old 01-15-2018, 03:46 PM
 
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421A is basically just a sham gift by the politicians to their developer donors
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