Further to the news today that a deal to revive 421a has been struck as reported in politico.comhttps://www.politicopro.com/states/new-york/city-hall/story/2017/04/deal-struck-to-revive-421-a-property-tax-break-in-albany-sources-say-111011, housing expert Martin J. Heistein, Esq., partner, Belkin Burden Wenig & Goldman LLP, points out how all parties will benefit:

“I am pleased that the Governor and Legislature have apparently resolved all differences and have agreed to extend the 421-a tax abatement program. This crucial tax abatement is critical to the real estate industry and will directly result in the addition of much needed residential housing to the New York City housing stock. The passage of this negotiation is a win-win for all involved – the City will be the recipient of sorely needed residential housing; the unions and workers will benefit from the added jobs and lucrative hourly wages; tenants will greatly benefit because additional housing will somewhat relieve the lack of housing in NYC and will provide all tenants with additional housing choices; and finally, the real industry will benefit by providing owners and developers with the financial tools necessary to get shovels in the ground to construct much needed housing.”

About Belkin Burden Wenig & Goldman LLP

BBWG, established in 1989, is a full-service real estate law firm with offices in New York and Connecticut. The firm has more than 40 seasoned lawyers counseling business professionals, investors, landlords, residential homeowners and commercial property owners throughout the region in complex transactional and regulatory real estate law matters. www.bbwg.com.