Howard Husock is a senior fellow in Domestic Policy Studies at the American Enterprise Institute (AEI), where he focuses on municipal government, urban housing policy, civil society, and philanthropy. On this episode Lee Bergstein and Cooper Knowlton chat with Howard about the end of 421-a tax subsidy and the future of NYC’s real estate tax system.
The 421-a subsidy was a tax break where developers who included multi-family residential housing within their projects would get a tax break for 15-25 years. It was the most costly tax break in NYC, costing $1.77 billion dollars annually, and when the bill expired in June it was not renewed, as many perceived that the cost to the city was too high compared to the low amount of new units it created. This conversation digs into why the subsidy wasn’t renewed, what comes next, and how to fix what many perceive as a broken real estate tax system in New York City.
What does this mean? Simply this: when you engage us, we are fully invested in arriving at the best possible outcome for you. Advocating for your interests becomes our number one priority from the moment you call us until long after the contract is signed or decision rendered.
The purchase or sale of real estate is a major financial transaction in a person or company’s life. A real estate transaction is a contract where the terms of the documents will determine your rights, so it is essential to take an aggressive approach to the negotiation and drafting of these documents. Failing to do so could cause the loss of significant value and may bind you to unfavorable terms.
Especially in a high-priced market such as NYC, it is important to approach these transactions with help from a dedicated attorney. Property transactions require disciplined attention to detail as well as in-depth knowledge of the law. Let a New York City real estate lawyer protect your rights and preserve your best interests.
)