At today\u2019s Stated Meeting of the New York City Council, Council Member Tiffany Cab\u00e1n (District 22), introduced a Resolution calling on Albany not to renew the \u201cFree Billions for Developers\u201d 421-a Tax Credit, a program which is slated to expire this year.<\/p>\n
Created in 1971, the program cost New York City $1.7 Billion in forgone revenue in 2021, making it the single biggest tax break in the New York State budget. Though it was initially intended to subsidize the creation of affordable housing, research has shown that a majority of 421-a units built since 2017 are set at 130% AMI, which is unaffordable to 75% of New Yorkers.<\/p>\n
\u201cGiven the pathetic number of real affordable units it buys us, the \u2018Free Billions for Developers\u2019 421-a tax credit is actually a massive giveaway to the wealthy real estate interests who least need assistance,\u201d said Cab\u00e1n. \u201cWhat\u2019s more, while the subsidized units are supposed to be rent stabilized, enforcement is non-existent, leaving tenants at risk.\u201d<\/p>\n
Urging her colleagues to sign on as co-sponsors of the Resolution, Cab\u00e1n continued, \u201cAlbany should scrap the program entirely. Instead, we should focus all our efforts on reworking the city\u2019s regressive property tax system, and on building the new programs, tools, and laws necessary to meaningfully address our city\u2019s housing crisis.\u201d<\/p>\n
Also at today\u2019s Stated Meeting, Cab\u00e1n acted as third prime sponsor on a resolution in support of Sen. Jabari Brisport\u2019s Universal Child Care Act and Sen. Jessica Ramos\u2019 Early Learning Child Care Act, which would provide financial assistance to families and child care providers, making child care more affordable and accessible.<\/p>\n","protected":false},"excerpt":{"rendered":"
At today\u2019s Stated Meeting of the New York City Council, Council Member Tiffany Cab\u00e1n (District 22), introduced a Resolution calling on Albany not to renew the \u201cFree Billions for Developers\u201d 421-a Tax Credit, a program which is slated to expire this year.<\/p>\n
Created in 1971, the program cost New York City $1.7 Billion in forgone revenue in 2021, making it the single biggest tax break in the New York State budget.<\/p>\n
…<\/p>\n