The housing agreement in New York's budget aims to tackle the housing crisis, especially in NYC, by offering tax breaks for developers to include below-market-rate apartments in new buildings.
The 421-a tax incentive, a contentious measure, has been effective with 68% of housing units built between 2010-2020 benefiting; however, critics argue it's costly and a giveaway for developers.
Lawmakers let the 421-a tax break expire in 2022, highlighting the ongoing debate over its effectiveness and costs.
The budget negotiations also addressed issues such as shutting unlicensed cannabis storefronts and managing the city's migrant crisis, facing various challenges during the process.
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