Shaping the NYC Skyline
If you’re feeling frustrated and overwhelmed by the complex and ever-changing real estate tax incentives in NYC, then you are not alone!
One of the major obstacles to developing and preserving housing and affordable housing in New York City is the exorbitant real estate taxes. Tax incentives are critical to ensure that a new multi-family development generates positive cashflow and is thereby able to secure construction and permanent financing. Likewise, tax incentives are necessary to encourage developers and landlords to maintain and repair existing residential buildings.
But what are some tax incentive programs and their benefits, how did they come about, which ones are still available, what is the future of new residential developments given the expiration of the 421-a program and lack of a substitute program, and how will this affect the production of housing in NYC at the apex of the housing crisis?
In this episode, you will be able to:
About Jay Seiden:
Jay Seiden, a co-founder of Seiden & Schein, P.C., has dedicated his career to mastering the complexities of tax incentives for real estate developments in New York City.
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