Despite the 421a extension seeming crucial for stalled projects, only 315 applications have been submitted. Some developers remain unaware of the extension’s availability, causing concern.
The number of applicants is much lower than expected, highlighting a wider issue. Martin Heistein pointed out that interest in the extension remains 'huge' in presumed need.
Developers are missing a vital opportunity due to lack of awareness about the extensions available under 421a, according to Eli Guttman, compromising potential project progress.
With the application deadline looming, many developers are confused about the criteria and options after 421a expired, leaving them at risk without essential tax breaks.
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