Controller Pans Housing Subsidies

The 421a tax incentive, which has recently attracted attention from corners as diverse as ACORN and The New York Observer, earned another critic today: City Comptroller William Thompson. The property tax exemption, meant to stimulate development back in the 1970s and going stronger than ever, has “subsidized some of the most expensive housing in the city,” his office said in a news release, and tax breaks worth as much as $100,000 have gone to apartment owners in luxury haunts like 176 Perry St. and 845 United Nations Plaza.

Matthew Schuerman