Albany passes the Big Ugly!
The State Senate passed the annual budget , known as “THE BIG UGLY” It includes a tax break for NYC developers who commit to reserving 25% of the units to lower income renters at below market rates. Significantly, it also lifts a cap on lot size density for residential buildings.
This should spur more development in the residential market, in particular in the Bronx and other areas that are not economically viable to develop without incentives.
More information can be found here at THE GOTHAMIST
Photo : New York State Senate Building “Million Dollar Staircase”
courtesy of Gregory Nanamura
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