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The Independent Budget Office of the City of New York (IBO) recently issued a report that found the 421-a program was especially inefficient compared to the average tax break. It found the 421a program to be the city’s largest tax expenditure at $1.4 billion this fiscal year due to benefits that were approved and locked in prior to the program’s suspension. The now lapsed 421-a program was designed to lower developers' costs to help make more new apartment projects feasible in the city.
