New York is a city that’s constantly changing and evolving to improve the quality of life for its residents. While there have been plenty of programs implemented to date, a big factor still missing in NYC living is adequate affordable rental housing. After all, it’s no secret that living in the city doesn’t come cheap! Fortunately, Governor Cuomo and the state legislature have been working towards finding a way to fix that. The solution? The 421-a program, appropriately called “Affordable New York.”
What is 421-a all about?
The $163 billion budget deal closely resembles the original budget plan Cuomo proposed in January, which gave tax exemptions to developers for up to 35 years and provided wage requirements for construction workers on qualifying projects. The plan changed back in 2016, when Mayor de Blasio wanted to require developers who received reductions to save half of their community preference units (5% of their total units) for those living in homeless shelters.
The budget, which passed this past Sunday, authorizes the spending of $2.5 billion on 100,000 units of affordable housing, as well as 6,000 units of supportive housing. This plan is supposed to last until 2022, so New York City has the chance to make changes to how the program functions.
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