City cracking down on 421-a tax provision abuses

Last week, Mayor Bill de Blasio, Attorney General Eric Schneiderman and Gov. Andrew Cuomo announced that the Department of Housing Preservation and Development would be issuing letters to building owners of 178 residential buildings in New York City. The letter will state that their 421-a tax benefits will be revoked unless they comply with the requirements of the existing program, including registering their apartments as rent-regulated. Click here for the complete story.