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Tax Loophole Hurting Affordable Housing | New York City News
New York City’s housing crisis just got worse as developers exploit a tax loophole by splitting massive apartment projects into clusters of 99 units or fewer—qualifying for a state tax break that slashes affordable housing requirements from 25% to just 20%. The result? Over 500 fewer affordable units built than intended, while total housing supply shrinks. Experts warn this tactic undermines the city’s goal of building 200,000 new affordable units, while labor unions and architects slam it as a financial loophole that also wastes resources and avoids higher wage mandates. City officials say…
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