IBO: Projected Cost of Existing 421-a Tax Expenditures

The 421-a affordable housing tax incentive program currently known as Affordable Housing New York (AHNY) — which grants up to 35-years of property tax benefits to newly built multi-unit buildings, is set to expire on June 15, 2022, since the New York State legislature did not renew the program during the last session that ended last week. If a renewal of the program in some form did not occur in a future session, the Independent Budget Office (IBO) projects that existing 421-a exemptions will cost New York City $25.7 billion from fiscal year 2023 through fiscal year 2056, when the last of the current exemptions would cease (all amounts in 2022 dollars).

Source:    https://ibo.nyc.ny.us/iboreports/how-much-will-421-a-continue-to-cost-new-york-city-after-its-expiration-nycbtn-june-2022.html