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Action Alert on 421 Tax Breaks
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Albany electeds get campaign funding from big real estate moguls seeking special tax deals.  See this article in Real Deal or this one.    Cartoon from Real Deal, drawn by Guy Parsons.

Dear New Yorker,

Are you sick and tired of Big Real Estate getting huge tax breaks at the expense of the public?  Here’s something quick and easy you can do about it. Click on this link to use our letter writing tool to send Albany officials a message to stop tax breaks for real estate moguls.  Read on for the full story.

A Brief Background:

In the upcoming days, our elected officials in Albany are about to vote on a hotly contested piece of legislation designed to give tax breaks to developers and wealthy condo buyers in exchange for a small amount of so-called ‘affordable’ housing.  So little affordable housing gets built with it that we know it’s really all about building luxury towers instead.  Less than 10% of the housing that gets the break qualifies as affordable (Real Estate mogul Larry Silverstein even lives in a building that got the break).   Our City’s Independent Budget Office has reported that this tax break – called 421a – has in the past not produced anywhere near the amount of affordable housing that the real estate industry promised.  We learn that the previous 421a tax break produced "fewer than 1,275 affordable apartments per year."  Waste of money.

And the new version of 421a is worse than the old one because the Governor wants to extend the tax break from 25 years to 35 years.  Crazier still, the new 421a maneuver will cost New Yorkers $8.4 billion dollars in lost revenue over the next ten years according to the Independent Budget Office!

 New York City would be much better off taking that lost revenue and using it for real affordable housing.  By 'real', we mean:  100% affordable apartments that stay affordable forever and that fit into the physical context of their neighborhoods.

What You Can Do

Albany is set to vote on this very soon. Please send your letter NOW to all of our NYC representatives in Albany and the Governor in a single email.  Just click on this link here, and you will be taken to our page where you can fill in your name and address and click a button that sends emails to all the Albany electeds from the NYC area.

Thank you,

The Steering Committee for the Alliance for a Human-scale City

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