Thursday, June 28, 2007

Developer Tax Break Exclusion Zones, Brooklyn Edition

421a brooklyn

[Map courtesy of the Pratt Center for Community Development]

Here's a handy color map produced by the Pratt Center for Community Development of the "exclusion zones" for the 421-a tax abatements, AKA the developer tax break, because it provides huge tax abatements to developers that sometimes benefit very wealthy property owners. The tax break was reigned in a bit by the City Council and a bit more by the State Legislature. (Except for Atlantic Yards, which got special treatment under what journalist and blogger Norman Oder of Atlantic Yards Report calls the "Atlantic Yards Carve Out.") In any case, developers in the areas on the map in maroon, rust and mustard have to include some affordable housing in their developments to qualify for the tax break. The Maroon Zone has been around for a long time. The Rust Zone was added by the City Council. The Mustard Zone was added by the Legislature. In the Gray Zone (Dark Gray, really), you get the tax break for building whatever you want. See The Real Estate for more on the issue overall and the full five-borough map.


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