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No one really living in a 421a or shopping for one isn't aware of how it works.
If they own (condo), yes, that may be correct. But tons of renters have or had no idea why their apartment was under rent regulation (tax break), but soon find out when thing expires and their unit will become market rate.
This explains tons of legal action against landlords who took tax breaks but deregulated apartments anyway. Usually one or few tenants start digging into rent history of their apartment, and that's when stuff hits fan.
If they own (condo), yes, that may be correct. But tons of renters have or had no idea why their apartment was under rent regulation (tax break), but soon find out when thing expires and their unit will become market rate.
This explains tons of legal action against landlords who took tax breaks but deregulated apartments anyway. Usually one or few tenants start digging into rent history of their apartment, and that's when stuff hits fan.
"Tons" is a misnomer and most of the cases center around how LL's and the city interprets the law/program. The throw in that the original 421-a expired in 2016 and the new program (affordable NY) that took it's place is similar but not exactly the same.
The politicians first play games to award sweetheart deals to the RE industry while also buying votes and looking good in upublic and then they play dumb when the RE industry finds loopholes. The problem is these stupid programs in the first place instead of reforming existing issues and encourage organic construction growth.
Read this article and pay attention to the numbers and the claims: https://www.thecity.nyc/housing/2020...reak-rent-math.
You truly start to understand that this is all a game where lawyers make money, the RE makes money, the politicians make money, the frauding poor get something, and taxpayers lose.
"Tons" is a misnomer and most of the cases center around how LL's and the city interprets the law/program. The throw in that the original 421-a expired in 2016 and the new program (affordable NY) that took it's place is similar but not exactly the same.
The politicians first play games to award sweetheart deals to the RE industry while also buying votes and looking good in upublic and then they play dumb when the RE industry finds loopholes. The problem is these stupid programs in the first place instead of reforming existing issues and encourage organic construction growth.
Read this article and pay attention to the numbers and the claims: https://www.thecity.nyc/housing/2020...reak-rent-math.
You truly start to understand that this is all a game where lawyers make money, the RE makes money, the politicians make money, the frauding poor get something, and taxpayers lose.
Existing issues like what exactly? First you have to ask the question of why these programs even come to fruition. Developers and LLs will charge as much as they can. This whole thing is just designed to keep everyone in debt. As long as you can afford enough to buy a couple of knick-knacks to keep you quiet, everything is cool.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Can NYC Live Without Its $1.7-Billion-a-Year Developer Tax Break?
Budget watchdog warns letting the 421-a program lapse will doom needed new housing development, while city comptroller urges cancellation along with a property tax overhaul.
Land and Labor is extremely expensive all over NYC. NYC doesn't have endless amounts of money available to endlessness subsidize housing. But at the same time programs like 421a are needed to make it attractive for developers to construct apartment buildings. This sounds like a circular no-win situation to me.
Existing issues like what exactly? First you have to ask the question of why these programs even come to fruition. Developers and LLs will charge as much as they can. This whole thing is just designed to keep everyone in debt. As long as you can afford enough to buy a couple of knick-knacks to keep you quiet, everything is cool.
Reforming the property tax code for starters and treating residential buildings under residential property tax system and not commercial. Its frankly a ridiculous system. Any dwelling that is not a hotel that has people living in it full time and is up to all of the NYC building codes and regulations should be treated as a residential property under the tax law. Period.
Reforming the property tax code for starters and treating residential buildings under residential property tax system and not commercial. Its frankly a ridiculous system. Any dwelling that is not a hotel that has people living in it full time and is up to all of the NYC building codes and regulations should be treated as a residential property under the tax law. Period.
From NYC Finance page:
"Residential property with more than 3 units including cooperatives and condominiums. NY State Law mandates that we value all class 2 properties as income producing, based on their income and expenses."
Interestingly enough, its state law that dictates the market value.
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