Hochul Housing Shortage Orders Grants Tax Abatements Property

Real Estate partner, Brett Gottlieb, was quoted by Bloomberg discussing Gov. Hochul's July announcement of a program to extend tax abatements for the construction of affordable housing in Brooklyn’s Gowanus neighborhood.

"I think there’s reason to be excited and optimistic" about Hochul’s announcement, said Brett. The article continues, "Gottlieb is optimistic that the geographic area of the 421-a mirror program will be expanded at a later date."

Since 421-a lapsed, plans for new housing have slowed as 421-a "provided a mechanism for developers, in a state where it’s very expensive to build," noted Brett. He added, "If you were to speak to developers, almost every developer would tell you that buildings that have been built with 421-a would not exist but for the existence of the program."

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