As soon as 421-a expired in June 2022, NYC housing developers were clamoring for a replacement for the tax break, which provided property tax exemptions of up to three decades for developments that included a set percentage of affordable housing.

Now that they have one—it's called 485-x—everyone started sharpening their pencils and reading the fine print and trying to calculate whether the new tax credit will spur the development of more affordable housing units in the city than 421-a.

A trade group that was involved in negotiations over construction wage levels baked into housing provisions of the state's newly enacted budget bill thinks it won't.

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