Developers are proposing nearly 71,000 apartments in response to New York Governor Kathy Hochul’s extension of the 421a property tax break, with about 650 projects submitting letters of intent. These letters, which do not guarantee construction or tax benefits, allow developers until June 15, 2031, to complete their projects. This interest surpasses earlier estimates of 33,000 units. Hochul announced this at Two Trees Management’s 300 Kent Avenue, where a 1,000-unit project is planned. She also introduced the “Pro-Housing Communities Program,” offering $650 million in state funding to support housing growth in localities.
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