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January 25, 2016- by Steven E. Greer
BatteryPark.TV has extensively reported on the 421-a real estate tax break law that was forest created in the 1970’s. It was supposed to encourage the building of affordable housing in exchange for property tax breaks. Of course, it became perverted by the billionaires into becoming a law that just handed out tax breaks and required no real affordable housing.
The law was set to be renewed last year. But because it was so politically corrupt, neither Governor Cuomo nor Mayor de Blasio wanted to touch it.
When it was reported last week that the law expired without the state legislatures renewing it, we assumed that this was a small delay. However, it seems that 421-a really did expire.
It is over! This is a major blow to the real estate billionaires.