The 421-a tax abatement program spurred a lot of affordable housing, and new numbers show just how much. Forty-two percent, or 5,885 of the 13,755 affordable units built in 2014 and 2015, were aided by 421-a, according to a new report by the Real Estate Board of New York (REBNY)published by Crain’s. That study included 156 projects that were either all affordable or mostly market-rate with about one-quarter of the units set aside as affordable housing.
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