Albany’s failure to renew a controversial subsidy for housing projects with apartments set aside for lower income New Yorkers could cost the Big Apple thousands of badly needed apartments, the Adams administration warned.
The figures from City Hall came as Mayor Eric Adams plans to tout a new initiative Tuesday — its Housing at Risk Task Force — that is speeding up permits and other approvals for an estimated 17,000 units so they can qualify for the existing program before it finally expires.
“With tens of thousands of New Yorkers applying for new affordable homes, a drop in new construction permits, and an explosion of demand for our ‘Housing-at-Risk Taskforce,’ the data is clear: we need Albany to act this session,” Adams told The Post in a statement.
The controversial state incentive program, known as 421-a, offers developers major discounts on the property taxes for new buildings in exchange for putting set percentages of the newly constructed apartments into rent stabilization.