BROOKLYN - More affordable housing could soon come to Brooklyn after the City Council voted Wednesday to make developers seeking tax breaks accountable.
The council worked with Mayor Michael Bloomberg (R-NYC) to revise tax code 421a. The code, which dates back to the 1970s development slump, gave developers large tax breaks for building in New York City. Elected officials changed the code Wednesday, saying developers must make 20 percent of their units affordable to qualify for tax breaks. The measure also caps the amount of incentives available for high-end buildings.
Many Brooklyn residents complain developers continued to reap 421a?s benefits long after the city became a hot housing market. The Legislature must sign off on the measure.