NYC Real Estate Lawyers Stupefied by Albany’s 421-a Stance
Mitch Korbey was quoted in The Real Deal regarding the recent expiration of property tax abatement program 421-a, which he believes is crucial for ensuring new affordable housing in New York City. Community boards are currently reviewing the city’s proposed Mandatory Inclusionary Zoning policy in preparation for an eventual City Council vote. But Korbey told the publication it would have little bearing without an accompanying abatement. It’s “extraordinarily difficult to just have zoning be the tool to incentivize affordable housing,” he said.