Gov. Andrew Cuomo announced a deal with state lawmakers Tuesday on a six-month extension on the 421a property tax abatement and a four-year extension of rent regulations for rent-stabilized apartments.
Rent regulations were due to expire Tuesday after they were extended last week by Albany lawmakers, who have been locked in talks regarding both the regulations and the 421a tax incentive since both expired June 15.
Cuomo said the 421a abatement could also be extended by an additional four years if the real estate industry strikes a deal with labor leaders to pay prevailing wages on 421a-incentivized projects, according to Bloomberg.
The deal will also extend a 2 percent property tax cap for four years and will raise the $2,500 monthly cap for apartments to stay within the rent stabilization system – though Cuomo did not specify to what level the cap is rising. [Bloomberg] – Rey Mashayekhi