Property Management
In New York City, the '421-a' tax exemption (now Affordable New York) incentivizes developers to:
AAvoid building in high-density areas
BBuild multifamily residential buildings with affordable housing units in exchange for a long-term property tax exemption✓ Correct
CRenovate commercial buildings for office use
DConstruct single-family homes in outer boroughs
Explanation
The 421-a (now called the Affordable New York Housing Program) provides long-term property tax exemptions for new multifamily construction, in exchange for including a percentage of affordable units. It is a major tool for incentivizing housing development in NYC.
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