Kearns Quoted in CityRealty on 421-a Tax Abatement Program

Real Estate partner Thomas Kearns was quoted in a CityRealty feature discussing the 421-a tax abatement program and what it means for New York City real estate. The controversial program made New York City housing construction eligible for a partial tax exemption for up to 10-25 years. Tom explains, “421-a made it easier for developers to build and start renting their units… The program phased in taxes over time, eventually the buildings come up to full tax roll and become a productive entity in city.”