Bill to extend welfare to real estate moguls (421a) is stalled

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Cuomo and Silver togetherApril 25, 2015- The Post reports, ““If it was a different time in Albany, frankly, and Albany was a little bit more stable situation, I would normally take these negotiations to Albany and try to work it out among the parties,” Cuomo told business leaders at an Association for a Better New York breakfast.

“Albany has a lot going on right now, let’s say.”

He was responding to a question asked about the fate of the 421-a tax abatement program for developers and the law covering rent stabilization.

Both lapse on June 15.

Tenant advocates are demanding an end to 421-a, which they claim is a giveaway to developers even though it produces units for affordable housing.

Cuomo said even those who support the program — developers and the carpenters union — are at odds over some provisions.

“Everyone who has been watching the situation here [in Albany knows] to have these finer negotiations on these delicate points is going to be problematic this year,” said Cuomo.”

With Sheldon Silver gone, 421a law’s future is even more unclear

N.Y. RPT. LAW § 421-a : NY Code – Section 421-A:

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