July 21, 2023

Gowanus has a 421a workaround. Why aren’t developers excited?

Multifamily developers in Gowanus now have an alternative property tax break, but that does not mean they will take it.

Gov. Kathy Hochul on Tuesday announced that rental projects in the Brooklyn neighborhood that are in danger of missing out on lucrative tax break 421a will be able to apply for similar benefits. The state would temporarily take control of development sites and lease them back to the developers, but charge them less than what they would normally pay in property taxes.

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