The New York City’s divisive “421a” program has expired in 2022. Introduced 50 years ago, 421a provided developers with tax breaks to incentivize housing construction. Under 421a, developers were required to allocate a portion of units as “affordable,” plus 421a gave tax relief to the final users for 10 to 15 years.

Yet, the program faced criticism, particularly from left-leaning lawmakers who deemed it a developer giveaway.

Despite this, Mayor Eric Adams and housing experts argue for the necessity of tax incentives to combat the city’s housing shortage, ...