Overview
Costing over $1 billion a year, the 421a Real Estate Developer Tax Exemption program is the biggest tax giveaway no one have ever heard of. In spite of the enormous price tag, the program creates only a negligible affordable housing benefit, so it’s not surprising that the real estate lobby wants to keep it out of the public view.
The Project
ANHD has led our member groups to advocate against the 421a Real Estate Developer Tax Exemption program, as well as written extensively on this tax exemption and the lack of true community benefit it offers to residents. When the program came up for renewal in Albany in 2016, we were a key source of original research and analysis to give good housing and fiscal policy a fighting chance. Despite these efforts, however, the power of the real estate industry unfortunately won out, and the program was renewed with even less public benefit for the price tag.
ANHD continues to be a resource for our member groups who want to fight for public accountability and a real public benefit in this tax exemption.
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