With the future of 421-a still uncertain, Bisnow spoke with Cory L. Weiss, an attorney with the New York law firm of Ingram Yuzek Gainen Carroll & Bertolotti LLP, about how developers and landlords are operating in its absence. Weiss has practiced landlord-tenant litigation since the 1980s.
Weiss said the absence of 421-a creates uncertainty among both developers, who have lost a popular tax incentive, and tenants, many of whom are experiencing difficulties in finding affordable units.
“The program helped spur development in the city, and it helped tenants by giving them rent-stabilized leases and keeping their rents to a minimum,” Weiss said.
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