www.qns.com MARCH 25, 2022 32RIDGEWOOD TIMES
REAL ESTATE
Fate of state affordable housing subsidy remains in limbo
BY ETHAN STARK-MILLER
EDITORIAL@QNS.COM
@QNS
As the state Legislature and Gov. Kathy
Hochul negotiate the state budget
before an April 1 deadline, one of the
many issues that remain in limbo is the fate
of the 421-a housing tax break. Some in the
Legislature and housing advocates want to
see the program scrapped by the governor
and others in the Legislature and the real estate
industry would like it to continue under
a new tax break.
The tax abatement, which is set to expire
June 15, is used to incentivize real estate developers
to build affordable housing. Many
developers get the tax break for constructing
buildings that contain 80% market rate and
20% affordable units. As 421-a is currently
written, those making up to 130% of the area
median income (AMI) — $139,620 for a family
of three — would be eligible for these units in
buildings subsidized by the program.
Affordable housing advocates say the
program is a giveaway to developers that
Photo by William Alatriste
doesn’t result in the construction of much
housing that’s actually affordable. At the
same time, the real estate industry says they
can’t construct affordable housing without
421-a or a similar tax incentive.
City Comptroller Brad Lander held a press
conference in Downtown Brooklyn to call on
the governor and state Legislature to let 421-a
expire instead of replacing it with another
subsidy.
“We are here today to call for the end report
21 A New York City’s most unaffordable
tax break,” Lander said. “And replace it with
a property tax system that’s fair and transparent,
that supports new housing construction
and that focuses our scarce affordable
housing resources on actually affordable
housing. I know that sounds crazy.”
Lander was joined by Councilwomen Tiffany
Caban (D – Queen) and Pierina Sanchez
(D – Bronx) as well as Assembly members
Havery Epstein (D – Manhattan), Phara
Souffrant Forrest (D – Brooklyn) and Emily
Gallagher (D – Brooklyn).
In her executive budget proposal released
in January, Hochul proposed replacing 421-a
with a new tax break called 485-w. According
to a published report, 485-w isn’t drastically
different from the current program, except
that it would make housing created under
the subsidy more deeply affordable.
Under this plan, the ceiling is lowered for
which families qualify from 130% of the AMI.
Instead, those making up to 90% of the AMI
will qualify for buildings with 30 units or
less. And larger buildings will only be open
to those making up to 80% of the AMI.
The state Legislature did not address the
Hochul’s subsidy proposal in their recent
one-house budget bills released earlier this
week.
Read more on QNS.com.
Ridgewood Times Sales Guide
Listings selected at random. Courtesy MLS
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
69th Avenue 86th Street 53rd Drive Dry Harbor Road
Under $600,000
21-16 Greene Ave., Unit 2A
$439,000
Condo
1 bedroom, 1 bathroom
Dominick Schook, Campione Realty
$600,000-$1,000,000
7822 61st St.
$800,000
Multi-family
9 bedrooms, 5 bathrooms
Ayman Aziz, Keller Williams Realty
Greater
Over $1,000,000
60-22 69th Ave.
$1,188,000
Multi-family
6 bedrooms, 3 bathrooms
Nan Zhang and Tao Zhang, N & H
Realty Group Inc
Under $600,000
90-60 Union Tpke., Unit 5F
$465,000
Cooperative
3 bedrooms, 1.5 bathrooms
Michal Marek and Bartosz Olszewski,
Sold By Bart R E Partners Inc
$600,000-$1,000,000
77-01 86th St.
$798,000
Single-family
3 bedrooms, 2 bathrooms
Louis Pastorini, Coldwell Banker
Phillips
Over $1,000,000
71-19 Cooper Ave.
$1,299,000
Multi-family
5 bedrooms, 3 half bathrooms
Donna Demkowicz, Donna Demkowicz
R E Corp
Under $600,000
52-30 65th Pl., Unit 1A
$259,900
Cooperative
1 bedroom, 1 bathroom
Jordan Donner, Landmark International
R E LLC
$600,000-$1,000,000
67-10 53rd Dr.
$958,000
Single-family
3 bedrooms, 3 bathrooms
Lucy Lu, Landmark International R
E LLC
Over $1,000,000
59-31 69th Ln.
$1,150,000
Multi-family
4 bedrooms, 2 bathrooms
LAFFEY REAL ESTATE
Under $600,000
72-52 Metropolitan Ave., Unit 3B
$499,000
Condo
2 bedrooms, 2 bathrooms
Andrew LaSala, Crifasi Real Estate Inc
$600,000-$1,000,000
62-46 83rd St.
$849,999
Single-family
3 bedrooms, 2.5 bathrooms
Regina Santoro Schaefer, Parkside
Realty of Queens Inc
Over $1,000,000
63-57 Dry Harbor Rd.
$1,199,888
Single-family
3 bedrooms, 2.5 bathrooms
Ayman Aziz, Keller Williams Realty
Greater
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