Last Thursday, elected officials and advocates came together to express their concerns about HPD’s proposal to extend 421-a tax breaks to thousands of stalled residential development projects. HPD claims the extension is necessary to spur construction and create jobs. Leaders of the city’s affordable housing community, however, see the extension as an expensive giveaway at a time when the city is making deep cuts to essential services.
At a press conference outside HPD headquarters, Council Member Brad Lander raised questions about the merits of the proposal, which would cost the city upwards of $420 million in foregone tax revenue without a single unit of affordable housing being built. Council Member Jumaane Williams and several advocates, including ANHD, sent a similar message to Mayor Bloomberg, saying, “We need affordable housing. No more bailouts!” [Continue Reading...]
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