New York Acorn has reportedly announced a new housing campaign in a push for more affordable housing in the city and Brooklyn.
According to the New York Times, the community group wants to change the way the city gives tax breaks to developers under the 421-a program. Under the program, developers of new multifamily housing are eligible for a 10 to 15-year exemption from real estate tax increases, whether or not they are lower-priced units.
The Acorn group claims the 421-a program is not creating many moderately priced homes in Downtown Brooklyn. According to the group?s report, only a few of the units being built in Brooklyn are expected to be affordable. The group is reportedly calling for the program to require all developers receiving tax breaks to make 30 percent of new units affordable.