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.

Recent Blogs and Media

Blog
April 8, 2017
Albany has come to an agreement on that includes resurrecting the 421-a real estate tax exemption, with a vote on the full State budget expected today. There is no acceptable reason that everyone except luxury real estate developers should be expected to pay their taxes. Taxpayers and tenants should be disgusted. We will need the $1.4 billion – and growing – that we spend each and every year on 421-a to fill the holes that will be left in the local budget by Trump’s federal budget cuts for essential services.

Related Resources

ANHD examines the 421a Developer’s Tax Break including a community-by-community analysis of all the properties that received this tax break in FY 2013.  

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