NY Tax Abatement Led To Atypically High Rents, Report Finds

By Emma Whitford (March 29, 2022, 6:28 PM EDT) -- A tax abatement program conceived to spur affordable housing construction in New York City has produced apartments priced above nearby median asking rents, according to a new report by the nonprofit Community Service Society of New York.

Released amid final negotiations for New York's annual budget, the report from critics of the so-called 421-a program — which is set to expire in June — pinpoints buildings in 10 city neighborhoods where the rent for a two-bedroom apartment at the high end of program income restrictions listed for more than the neighborhood median for such apartments.

"This allows for the absurd scenario of public...

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