Far from the only reason, but street reconstruction projects in NYC trigger environmental review and ULURP. Paint and temporary infrastructure are exempt as routine maintenance. Doesn’t help with costs either.

True! I estimated for the old 421a that you need a 50% tax break just to make a market rate building feasible. The rest of the exemption buys the affordability.

NYC’s Mandatory Inclusionary Housing isn’t an unfunded mandate like most other cities’ programs. Almost all MIH projects qualify for an as of right, 35 to 40 year property tax exemption (485x).

The 25% threshold is the min for that project under 485x.

Perelandra closing earlier this year hit me hard, too. That might have been unique circumstances: horrific scaffolding/construction on Remsen and the daytime population evaporated with St Francis' relocation + remote work. But another place for neighborhood regulars gone.

In the subcommittee hearing, Riley said it had to be owner occupied to build. Unclear from both his remarks and the summary doc about the rules after construction.

Most of the de Blasio production was in neighborhoods rezoned under Bloomberg or that Bloomberg never got around to downzoning. De Blasio never tried to reverse any of the downzonings.