421a is making a comeback – with a new name. Dubbed “Affordable New York,” Governor Andrew Cuomo has sent the revamped plan to the state legislature for final approval. The real estate community and labor unions have eagerly agreed. The new deal would create 2,500 new units of affordable housing per year and these apartments would stay affordable for 40 years. The tax exemption granted to developers is increased to 35 years and would bring higher wages to workers at large projects in prime locations. With the backing of construction unions, affordable housing advocates and real estate developers throughout the city, “Affordable New York” may soon make its mark across the city.

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