421-a Statement by REBNY Senior Vice President Jamie McShane

“There was a misunderstanding between the parties regarding the 35-year provision of the 421-a agreement announced last week.  The REBNY Executive Committee agreed today that, in the interest of getting legislation passed that will reinvigorate the production of new rental housing, including a substantial number of affordable units, the 35-year tax exemption should only apply to those projects that participate in the wage and benefit agreement.”

– Jamie McShane, Senior Vice President, Real Estate Board of New York