Throughout the 1970’s, New York City faced a number of budget woes. Due to the influx of families moving out of the city, property value dropped significantly and revenue decreased dramatically. With a need to promote development and construction, the city decided to provide incentives to developers. From this came the 421a program, which exempts developers and property owners from paying property taxes for up to 15 years. Watch the video for an introduction to the ongoing 421a debate.
Click on the graphic below for a more detailed explanation of the program’s history and its present state.