NY Shouldn't Pair 421-a Restoration and Good Cause Eviction

Real Estate attorney Alexander Lycoyannis wrote an article for Law360 discussing the contention surrounding New York's 2024 legislative session, especially the debate over the expired 421-a tax abatement program and the proposed good cause eviction (GCE) law. Mr. Lycoyannis argues that the revival of 421-a, a crucial driver of residential housing construction for the past 50 years, is essential for addressing New York City's housing crisis. However, he expresses concern that pairing 421-a with GCE, a strict rent control proposal, would negate the benefits by discouraging housing investment and construction. He advocates for the separation of these proposals, suggesting that the Legislature should revive 421-a independently to stimulate housing development without the counterproductive effects of GCE.

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