Brooklyn State Sens. Simcha Felder and Marty Golden are calling for more changes to 421-a, the beleaguered real estate tax break that expired at the beginning of the year.
State politicians have been trying to reach a deal to extend the tax break, with union representatives and developers finally agreeing on wage-terms last month. However, the Brooklyn senators won’t be satisfied until their districts are able to benefit from the program, which currently just includes Brooklyn’s most-expensive waterfront property.
“Bringing 421-a back to life is a wonderful goal, but it should certainly include people in the outer boroughs,” Felder told Politico Tuesday night.
Felder is also hoping to broaden the program to include benefits for four-unit buildings, when it currently applies to only buildings of six-units or more.
This isn’t the first complaint with the revitalized 421-a. Last month, we reported on how, even after reaching an agreement, unions and developers were still fighting over exact terms.