Statement on 421a Tax Abatement Program

January 14, 2016

“Allowing the 421a Tax Abatement Program to expire would be a tremendous disservice to the residents, particularly renters, of New York City,” said Brooklyn Chamber President & CEO Carlo A. Scissura. “We already have a significant lack of rental housing in the five boroughs, and eliminating this exemption will only exacerbate existing problems by virtually halting the construction of new rental properties — particularly affordable units — as well as stifling job growth and hurting businesses that will open on the ground floors of new buildings. New York is predominantly a rental city, so letting 421a lapse should never be an option.”