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AG Puts Slew of 421a Developers on Notice

NEW YORK CITY—Almost 200 building owners received notice from the Attorney General and other state officials that they're not living up to their end of the tax break's bargain.

By Rayna Katz | Updated on August 26, 2015

NEW YORK CITY—A slew of building owner recipients of 421-a tax breaks have been put on notice by Attorney General Eric Schneiderman and other public officials that they haven’t fulfilled the law’s rent-regulation requirements. A total of 194 property owners—who Schneiderman’s office declined to identify to GlobeSt.com—received letters notifying them of the violation.

The missives came as part of the state’s newly formed Real Estate Tax Compliance Program, for which the team includes Attorney General Schneiderman’s real estate finance bureau, Governor Andrew Cuomo‘s tenant protection unit and the NYC Dept. of Housing Preservation & Development’s tax incentive programs unit.

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