Double Standards: Why Developers Yield the Spotlight

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Double Standards: Why Developers Yield the Spotlight

The recent completion of the JFK Hilton conversion to affordable housing, now known as the Baisley Pond Park Residences, offers a clear case study in the optics of modern real estate. While the project was a private venture led by Slate Property Group and RiseBoro Community Partnership, mainstream media and official announcements focused almost exclusively on Governor Kathy Hochul. Despite the state’s financial contribution covering less than a third of the total cost, the narrative was framed as a direct achievement of the administration.

This dynamic exists because the interests ...

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Developers Race Against Time to Secure 421a Tax Break

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Developers Race Against Time to Secure 421a Tax Break

New York developers are rushing to complete their 421a projects before the June 2026 deadline, when the city’s long-standing tax exemption program officially ends.

The state’s extension gave developers extra time but demanded deeper affordability, eliminating the 130% AMI option that had made projects financially viable for many. Smaller firms now face tighter margins as rents for affordable units drop, reducing long-term income potential. Despite these challenges, developers are racing to finish, aware that losing 421a could slash project values by as much as 15%.

(source: The Real Deal, picture: Robert Bye)

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The Tax Break New York Relied on to Build Housing Is Gone. What’s Next?

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The Tax Break New York Relied on to Build Housing Is Gone. What’s Next?

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, ...

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“City of Yes”: Mayor Adams’ Plan to Transform NYC Housing

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“City of Yes”: Mayor Adams’ Plan to Transform NYC Housing

Mayor Eric Adams has proposed an ambitious housing agenda named the “City of Yes,” aiming to address New York City’s housing crisis and alleviate high rents. Unveiled at the end of September, this proposal aligns with the “Yes in My Backyard” (YIMBY) movement, with a goal to construct 100,000 new homes over 15 years by easing zoning restrictions.

Key measures include the elimination of mandates for parking in new developments, the legalization of dorm-style shared housing, and the approval of accessory dwelling units, which include unregulated basement apartments susceptible to ...

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The City Needs More Housing But New Development Approvals Plummets

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The City Needs More Housing But New Development Approvals Plummets

In July, Zero buildings and zero units were approved for construction in Manhattan, and only 10 buildings and 279 units were approved for construction across all of New York City. Manhattan’s president, Mark Levine, highlighted this as a crisis and expressed the need to address the issue. 

The likely reasons for this decline are high-interest rates and the expiration of the crucial tax incentive program 421a, which provided tax breaks to developers who included affordable units in ...

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