The Future of ’80/20′ Affordable Housing Hangs in the Balance: Can 421-A Be Fixed?
“developocalypse” since January, when the state’s 421-a program expired. For decades, the program had fueled development by excusing building owners of property taxes for up to 25 years so long as they devoted at least 20 percent of their units to affordable housing. Earlier this month, it was announced that the stalemate that brought on the developocalpyse, or at least that’s how developers understood it, was over. As the state legislature now mulls over whether to approve the reauthorization of 421-a, City Council members are seeking ways to fix it, and make sure the program fulfills its original mission of creating affordable housing.You may not have realized it, but the city has been in the midst of a