Dozens of building projects in NYC raced to pour concrete foundations last June in order to qualify tor 421a tax abatements that expired in June 2022.

Now, a few lucky developers—as in those who are able to secure financing for new construction—must race to complete these projects by a June 2026 deadline in order to qualify for the tax credits.

Any hope for an extension of the deadline went down in flames, along with Gov. Kathy Hochul's entire housing agenda, during the session of the legislature that just ended.

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