A surprisingly low number of New York City developers have applied for the 421a tax break extension, crucial for stalled multifamily projects. Only 315 applications have been filed ahead of the September 12 deadline, leading to concerns about developers’ awareness and understanding of the extension. Without it, projects must be completed by 2026 to qualify for the tax break, vital for financial viability. Confusion about the extension and procrastination are cited as reasons for the low turnout. Experts urge developers to act quickly to avoid missing the opportunity entirely.
421a tax break extension
