A description of my research project would include my take on just how gratuitously wasteful and costly New York’s 421-a Tax Abatement program is. In the last 4 years alone, the City of New York has given up the opportunity to collect over $750 million in future taxes for the chance to promote affordable housing. However, recent data indicates that a scant 8% of all housing that was built under the umbrella of the tax rebate program can actually be considered “affordable.” In my opinion, such a high price tag for such a small amount of affordable housing is clearly not what lawmakers had in mind when they designed the plan over 30 years ago. In completing my research, I have determined that the program is a complete waste of city funds.
