Gowanus zoning opponents file injunction as developers begin pile-driving
On June 15, 421-a exemption expires
Voice of Gowanus, a community group that has been fighting against the city’s rezoning plan for the Gowanus neighborhood, has filed an injunction to prevent developers from creating “facts on the ground” as the June 15 deadline for the 421-a tax credit fast approaches.
The 421-a tax exemption is a property tax exemption that is given to real estate developers who build new multifamily buildings in New York City. The exemption lasts for about 15 to 25 years, and in return, all new housing developments must include between 25 and 30 percent affordable units.
The state legislature has allowed the program to expire on June 15, leaving its future in limbo. Developers say the program is essential for developing affordable housing, but critics — including the Voice of Gowanus — call it a “developer giveaway.”