{"id":515627,"date":"2022-11-24T23:09:14","date_gmt":"2022-11-24T20:09:14","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/affordable-housing-wins-will-vanish-if-ny-legislature-doesnt-replace-421a\/"},"modified":"2022-11-24T23:09:14","modified_gmt":"2022-11-24T20:09:14","slug":"affordable-housing-wins-will-vanish-if-ny-legislature-doesnt-replace-421a","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/affordable-housing-wins-will-vanish-if-ny-legislature-doesnt-replace-421a\/","title":{"rendered":"#&#8217;Affordable housing&#8217; wins will vanish if NY Legislature doesn&#8217;t replace 421a"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a34d5c6b1851\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a34d5c6b1851\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/affordable-housing-wins-will-vanish-if-ny-legislature-doesnt-replace-421a\/#%E2%80%9C%E2%80%98Affordable_housing_wins_will_vanish_if_NY_Legislature_doesnt_replace_421a%E2%80%9D\" >&#8220;&#8216;Affordable housing&#8217; wins will vanish if NY Legislature doesn&#8217;t replace 421a&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9C%E2%80%98Affordable_housing_wins_will_vanish_if_NY_Legislature_doesnt_replace_421a%E2%80%9D\"><\/span>&#8220;&#8216;Affordable housing&#8217; wins will vanish if NY Legislature doesn&#8217;t replace 421a&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>All the cheers as the $2 billion Innovation QNS proposal\u00a0clears hurdles in the City Council will fade if the plan falters because state lawmakers refuse to replace the expired 421a tax-exemption, which New York\u2019s left all-out opposes.<\/p>\n<p>While the deal aims to create about 3,200 apartments, 45% of them affordable, in southern Astoria, it rests on the assumption that the state will create some realistic new form of the 421a affordable-housing tax break to incentivize developers.<\/p>\n<p>Innovation QNS\u2019 1,400-plus affordable units, including for 500 households earning 30% of the area <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n income, plus 157 homeless people, would make it the gold standard for future development projects.<\/p>\n<p>But the city can\u2019t afford to foot the bill for greater affordability without a 421a-like program. It\u2019s financially impossible for developers offer nearly half the units at below-market rents without a tax credit.<\/p>\n<figure class=\"wp-block-image size-large is-style-default\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"681\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-05.jpg?w=1024\" alt=\"Kathy Hochul.\" class=\"wp-image-24778638\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-05.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-05.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-05.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Gov. Kathy Hochul tried to replace the expired 421a tax-exemption but was shot down by state lawmakers.<\/figcaption><figcaption><span class=\"credit\">Michael Brochstein\/SOPA Images\/Shutterstock<\/span><\/figcaption><\/figure>\n<p>And a city already facing multibillion-dollar deficits <em>and<\/em> a looming recession can\u2019t possibly  build much new subsidized housing on its own. Heck, NYCHA will be hard-pressed to even replace its own fast-aging housing stock. <\/p>\n<p>Gov. Kathy Hochul tried for a 421a replacement this year, but the Legislature balked as the hard-left went ballistic. Progressives insist, against all reason, that below-market apartments must magically <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear without the folks who build them getting a fair return on their investment.<\/p>\n<div class=\"inline-slideshow\" data-component=\"inlineSlideshow\">\n<div class=\"inline-slideshow__wrapper\">\n<div class=\"inline-slideshow__slides\">\n<div class=\"inline-slideshow__slide\">\n<figure class=\"inline-slideshow__slide-figure\"><img decoding=\"async\" width=\"859\" height=\"589\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-02.jpg?quality=75&amp;strip=all&amp;w=859\" class=\"inline-slideshow__image\" alt=\"Model of development project.\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-02.jpg?quality=75&amp;strip=all&amp;w=1718 1718w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-02.jpg?quality=75&amp;strip=all&amp;w=1288 1288w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-02.jpg?quality=75&amp;strip=all&amp;w=859 859w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-02.jpg?quality=75&amp;strip=all&amp;w=429 429w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-02.jpg?quality=75&amp;strip=all 1024w\" sizes=\"auto, (max-width: 859px) 100vw, 859px\"\/><figcaption class=\"meta meta--caption\">\n                                    45% of the newly built apartments will be affordable housing.                               <\/figcaption><span class=\"inline-slideshow__credit meta meta--byline\">Courtesy Innovation QNS<\/span><br \/>\n                                                    <\/figure>\n<\/div>\n<div class=\"inline-slideshow__slide\">\n<figure class=\"inline-slideshow__slide-figure\"><img decoding=\"async\" width=\"816\" height=\"589\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-03.jpg?quality=75&amp;strip=all&amp;w=816\" class=\"inline-slideshow__image\" alt=\"Rendering.\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-03.jpg?quality=75&amp;strip=all&amp;w=1632 1632w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-03.jpg?quality=75&amp;strip=all&amp;w=1224 1224w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-03.jpg?quality=75&amp;strip=all&amp;w=816 816w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-03.jpg?quality=75&amp;strip=all&amp;w=408 408w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-03.jpg?quality=75&amp;strip=all 1024w\" sizes=\"auto, (max-width: 816px) 100vw, 816px\"\/><figcaption class=\"meta meta--caption\">\n                                    Innovation QNS&#8217; affordable units would make it the gold standard for future development projects.                               <\/figcaption><span class=\"inline-slideshow__credit meta meta--byline\">S9 Architecture<\/span><br \/>\n                                                    <\/figure>\n<\/div>\n<div class=\"inline-slideshow__slide\">\n<figure class=\"inline-slideshow__slide-figure\"><img decoding=\"async\" width=\"878\" height=\"439\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-06.jpg?quality=75&amp;strip=all&amp;w=878\" class=\"inline-slideshow__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-06.jpg?quality=75&amp;strip=all&amp;w=1756 1756w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-06.jpg?quality=75&amp;strip=all&amp;w=1317 1317w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-06.jpg?quality=75&amp;strip=all&amp;w=878 878w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-06.jpg?quality=75&amp;strip=all&amp;w=439 439w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-06.jpg?quality=75&amp;strip=all 1024w\" sizes=\"auto, (max-width: 878px) 100vw, 878px\"\/><figcaption class=\"meta meta--caption\">\n                                    The plan includes housing for homeless people.                              <\/figcaption><span class=\"inline-slideshow__credit meta meta--byline\">S9 Architecture<\/span><br \/>\n                                                    <\/figure>\n<\/div><\/div>\n<\/p><\/div>\n<\/div>\n<p>But the fact remains that the default property tax on new residential buildings makes it prohibitively expensive to put up anything but higher-end complexes: If you want low-income units built, you need to make it affordable <em>for the builder<\/em>. <\/p>\n<p>A Citizens Budget Commission <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cbcny.org\/research\/no-windfall\">analysis warned in May<\/a> that letting 421a\u00a0expire without\u00a0a\u00a0successor would reduce all rental-housing construction, especially affordable-housing development, and lower city property-tax revenues.<\/p>\n<p>If Hochul, Assembly Speaker Carl Heastie and Senate Majority Leader Andrea Stewart-Cousins don\u2019t find a way to face down the loony left, Innovation QNS won\u2019t go ahead, and neither will most other new affordable-housing plans.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/24\/affordable-housing-wins-will-vanish-if-ny-legislature-doesnt-replace-421a\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;&#8216;Affordable housing&#8217; wins will vanish if NY Legislature doesn&#8217;t replace 421a&#8221; All the cheers as the $2 billion Innovation QNS proposal\u00a0clears hurdles in the City Council will fade if the plan falters because state lawmakers refuse to replace the expired 421a tax-exemption, which New York\u2019s left all-out opposes. While the deal aims to create about&#8230;<\/p>\n","protected":false},"author":1,"featured_media":515628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/nyc-qns-innovation-proposal-affordable-housing-comp-1.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[136139,81958,71386,88809,82358,43,12156,98806,110042],"class_list":["post-515627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-24-22","tag-affordable-housing","tag-albany","tag-andrea-stewart-cousins","tag-carl-heastie","tag-editorial","tag-housing","tag-kathy-hochul","tag-tax-credits"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/515627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=515627"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/515627\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/515628"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=515627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=515627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=515627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}