State Senator Martin Malave Dilan (D-Brooklyn) today announced that a new bill that would guarantee affordable housing units be constructed with any new development in the Greenpoint and Williamsburg areas of Brooklyn has passed both the Senate and Assembly. Senator Dilan is a prime co-sponsor of the legislation.
"In this bill we have established that any developers in the Greenpoint and Williamsburg development zone must provide for affordable housing units if they wish to receive tax benefits," Senator Dilan stated.
The bill, S.3977A, takes away the 421-a tax abatement as a right to developers, but still allows them to take advantage of tax breaks as long as they develop a minimum threshold of affordable housing units. Specifically, developers creating new rental properties would be required to provide at least 20% of the units as affordable to low-income families.
"I am pleased to co-sponsor a bill that will ensure our hardworking families will be able to afford housing in a fast changing market in the Greenpoint/Williamsburg area. With all of the new development that has already begun, and that will certainly continue, it is important that we provide an opportunity for families to remain rooted in their communities," Senator Dilan said.
According to the Brooklyn lawmaker, this 421-a tax abatement was originally used as an incentive to lure developers to the area when market rate development was not occurring. Currently, the Brooklyn waterfront has been undergoing significant changes and market rate development is occurring, and it is apparent that it will continue to occur even without this tax incentive in place.
"Basically we have passed a bill that will provide developers with an incentive to make affordable housing units a significant part of any new construction. This should be used as a model for any new development throughout New York City to help alleviate our affordable housing crisis," concluded Senator Dilan. The bill will now be sent to the Governor for his approval.