This note discusses Section 421-a of the Real Property Tax Law in New York, which awards a tax exemption to building owners who construct new multi-family housing units under certain conditions. The stated purpose of the statute is to provide safe, habitable dwellings in New York City. This note examines whether 421-a should remain applicable to all multi-family dwellings, including luxury buildings. The author argues that the present standards for granting exemptions represent an inefficient use of tax dollars and that the legislature should limit its application to rental units.

Included in

Tax Law Commons