In conversations about the housing crisis in New York City, you almost always hear three digits and a letter 421a. They refer to a program that provided tax breaks for developers that many of them, and some elected officials, say were essential to getting rental properties built.
The city desperately needed revitalization. In recent years, the city has faced a different problem. More people want to live here than can be reasonably accommodated by the number of available apartments, driving up rents and home prices. That has made it urgent to build, and specifically to build apartments that might be affordable for the moderate- and lower-income people the economy depends on.
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