With the Governor's recent proposal, the now lapsed 421-a tax break for housing is again a major focus of the public policy agenda. Despite the fact that 421-a costs the city a considerable amount in foregone tax dollars--$1.4 billion this fiscal year due to prior commitments--there has been little research examining the tax break's effect on housing prices and whether the tax benefit efficiently fosters housing development, the 421-a program's primary goal. We explore these questions in regard to condos receiving 421-a benefits.
Unlike many of the other major de Blasio Administration initiatives, there has been relatively little focus on ThriveNYC, which aims to greatly expand access to behavioral health services in the city. We detail the resources being committed to the 54 programs under the ThriveNYC umbrella
IBO presents its annual fiscal outlook report, featuring our latest local economic forecast along with our estimates of revenue and spending under the financial plan released by the Mayor last month.
The Mayor’s latest budget plan adds $23 million over the years 2020-2023 for his LeadFreeNYC initiative, and brings the total amount of funds budgeted for the program to $39 million. But that still leaves the program’s funding well short of the original commitment.
The city has committed more than $4 billion over 10 years that can be used to meet the terms of the settlement with federal officials for repairs at public housing developments across the city. Yet the full cost of the settlement is unclear, and may require additional city funds.