Overview
Costing over $1 billion a year, the 421a Real Estate Developer Tax Exemption program is the biggest tax giveaway no one has ever heard of. 421-a is the City’s single largest expenditure on housing, costing more than tenant vouchers, NYCHA, and subsidies for affordable housing development. In spite of the enormous price tag, the program creates mostly middle-income & luxury housing in gentrifying or gentrified neighborhoods. We need to stop funding luxury development and fund deeply affordable housing.
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 last year (2022), we were a key source of original research and analysis to give good housing and fiscal policy a fighting chance. Thanks to our advocacy, the legislature chose not to renew 421a.
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.