NY finally has a housing deal. Will it work?

April 25, 2024 – Media Mention

Real Estate partner, Brett Gottlieb, who specializes in real estate tax incentives, spoke to Gothamist about the 2025 NY State Budget and the new housing measures.

Brett said the revival of the tax break probably wouldn’t be enough to meet that goal on its own. But when packaged with the other measures in the housing plan, it’s possible, "I think that all these tools together will work to get us closer to that goal or possibly even exceed it," he said.

The article notes, "He was quick to add a caveat, though: Interest rates have increased in recent years, which is a major complicating factor in the near term, at least."

"I think that the big headwind for new construction is going to remain interest rates," Brett said. "Because this new [tax break] program does carry with it a decrease in expected income and increase in expected cost, particularly for the larger projects, I think … developers might possibly wait out the economic environment and try to procure lower interest rates, if and when the time comes."

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