Real-Estate Developers Retain Clout in Albany

New York City real-estate developers continued to exert their power in the state capital this year even after their industry was associated with a series of political scandals.

A long-running tax break for real-estate development known as 421-a will be renewed for four years, but with the catch that the real-estate industry and labor unions will help shape the policy in the next six months, according to legislators. A formal vote on the agreement was taking place Thursday night.

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