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The New York State Legislature finished its last official session of 2016 without renewing or replacing the state’s 421-a program. The 421-a program expired in January. Originally, it launched during the fiscal crisis of the 1970s to encourage new residential construction by offering developers tax breaks. Owners who receive the 421-a tax benefits are supposed to submit all the units in their properties to rent stabilization for the duration of their tax breaks, which can span up to 34 years and significantly lower property tax burdens, in some instances by more than 90 percent.
