REBNY Applauds State Attorney General for Taking Action Against Developers that Failed to Comply with 421-a Requirements

In response to New York State Attorney General Letitia James’ announcement of agreements in four cases involving developers failing to comply with rent-stabilization requirements under the 421-a program, REBNY President James Whelan released the following statement:

“We applaud Attorney General James for taking action to ensure that 421-a is used only as intended and required under State law. The 421-a program continues to play a crucial role in the production of much-needed below-market rate housing across New York City – and while bad actors are rare, it is always unacceptable for any developer to try to utilize the program without complying with its rent-stabilization requirements.”

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ABOUT THE REAL ESTATE BOARD OF NEW YORK

The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association. Founded in 1896, REBNY represents commercial, residential, and institutional property owners, builders, managers, investors, brokers, and salespeople; banks, financial service companies, utilities, attorneys, architects, and contractors; corporations, co-partnerships, and individuals professionally interested in New York City real estate. REBNY conducts research on various civic matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes, and other city, state, and federal legislation. REBNY regularly publishes market data, policy reports, and broker surveys. In addition, REBNY provides for its members: informational, technical, and technological resources; networking and charitable service opportunities; qualifying and continuing education courses; professional education programs, seminars, and designations; career-changing awards; legal advice; and a wide range of additional member benefits. For more information, please visit www.REBNY.com.