NEW YORK CITY—Working to clarify one of the areas of concern surrounding the revised 421-a legislation that was proposed last week—which left many industry players working to grasp the details—the Real Estate Board of New York has issued a statement concerning the 35-year provision.
“There was a misunderstanding between the parties regarding the 35-year provision of the 421-a agreement announced last week,” asserts Jamie McShane, SVP, REBNY.
He continues, “The REBNY executive committee agreed today that, in the interest of getting legislation passed that will reinvigorate the production of new rental housing, including a substantial number of affordable units, the 35-year tax exemption should only apply to those projects that participate in the wage and benefit agreement.”
“There was a misunderstanding between the parties regarding the 35-year provision of the 421-a agreement announced last week,” asserts Jamie McShane, SVP, REBNY.
He continues, “The REBNY executive committee agreed today that, in the interest of getting legislation passed that will reinvigorate the production of new rental housing, including a substantial number of affordable units, the 35-year tax exemption should only apply to those projects that participate in the wage and benefit agreement.”
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