www.qns.com APRIL 8, 2022 32RIDGEWOOD TIMES
REAL ESTATE
Affordable housing extender rumored to be part of final state budget
BY STEPHEN WITT
EDITORIAL@QNS.COM
@QNS
When at first you don’t succeed, kick the affordable
housing can down the road.
That appears to be the case as multiple
sources say that Gov. Kathy Hochul is pushing to give an
expiring subsidy to New York City developers to build
affordable housing a one-year extension as part of the
now late state fiscal year 2022-23 budget.
The tax abatement, known as 421-a and 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.
Hochul proposes replacing 421-a with a new tax break
called 485-w. 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.
But progressive lawmakers in the state want to see
the program scrapped altogether, arguing the subsidy
should be replaced with a reformed property tax system
that supports new housing construction and focuses our
scarce affordable housing resources.
“There’s going to be a one-year extension of 421-a as part
of the final budget,” said one veteran assembly lawmaker,
adding the governor is adamant about including it as part
of the budget.
But one progressive lawmaker source says Hochul
wanting the extender to be included as part of the spending
plan is a last gasp measure that will not make it into
the final budget.
“As a progressive and somebody who cares tremendously
about reforming our property taxes and building
affordable housing, 421-a and 485-w does not do either.
We have time before the old program expires and we
should come up and reform our property tax code and
figure out how to build affordable housing cheaper and
more efficiently,” said Assembly member Robert Carroll
(D-Brooklyn).
Assembly member Steve Cymbrowitz (D-Brooklyn),
chair of the Assembly Housing Committee, could not be
reached on the issue at press time.
Meanwhile, longtime Assembly member Peter Abbate
(D-Brooklyn), the de facto head of the Assembly’s
Brooklyn delegation, who has been through numerous
state budgets in his 35 years in the assembly, said budget
hold-ups are usually over one or two issues, and then
other issues start getting thrown in.
This year it is criminal justice reforms that the Assembly
couldn’t agree on, and then the 421-a extender gets
put in, said Abbate.
“There’s two conferences this weekend. One on Zoom
Saturday night. And one on Sunday afternoon in person.
Then there’s another conference on Sunday in the late
afternoon probably to go over the final details and we’ll
probably start voting on Monday,” said Abbate.
Ridgewood Times Sales Guide
Listings selected at random. Courtesy MLS
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
Onderdonk Avenue 80th Road 63rd Street 60th Drive
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
21-56 Bleecker St.
$925,000
Multi-family
5 bedrooms, 2 bathrooms
Anthony Rosario, Chime Realty Corp
Over $1,000,000
203 Onderdonk Ave.
$1,275,000
Multi-family
4 bedrooms, 2.5 bathrooms
Marek Sobolewski, Trademarko
Realty Inc
Under $600,000
90-60 Union Tpke., Unit 15B
$339,000
Cooperative
1 bedroom, 1 bathroom
David Kueber, Coldwell Banker Kueber
Realty
$600,000-$1,000,000
6248 80th Rd.
$875,000
Single-family
4 bedrooms, 2 bathrooms
Amanda Morgado, William Raveis
Real Estate
Over $1,000,000
71-41 72nd St.
$1,200,000
Multi-family
3 bedrooms, 3 bathrooms
James Chung, Keller Williams Rlty
Landmark
Under $600,000
52-30 65th Pl., Unit 1D
$320,000
Cooperative
2 bedrooms, 1 bathroom
Kenneth Trestka, EXP Realty
$600,000-$1,000,000
59-35 69th Ln.
$898,000
Townhouse
3 bedrooms, 1.5 bathrooms
Jana Bangova, LAFFEY REAL ESTATE
Over $1,000,000
53-65 63rd St.
$1,149,000
Single-family
3 bedrooms, 1 bathroom, 2 half
bathrooms
John O Kane, O Kane Realty
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
63-17 74th St.
$739,000
Single-family
2 bedrooms, 1 bathroom
Anthony Rosario and Phyllis Romeo
Chime Realty Corp
Over $1,000,000
84-33 60th Dr.
$1,899,000
Multi-family
9 bedrooms, 5 bathrooms
Lin Han and Ran Dan Pan
Compass Greater NY LLC
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