The mayor's plan to create more 'affordable' housing by converting unused offices into apartments hinges on the temporary renewal and/or ultimate replacement of a controversial tax incentive for developers lawmakers let expire last year, he said Monday.
replacement of a controversial tax incentive for developers that lawmakers let expire last year, he said Monday.
Mayor Eric Adams and Deputy Mayor for Economic and Workforce Development Maria Torres-Springer touring 160 Water Street, a building that’s being converted from office to residential use.City Council Member Justin Brannan, who passed the legislation that formed the task force and was also in attendance Monday, said if its recommendations are all implemented, the city could house up to 40,000 more families in over 20,000 new units.
But Adams’ Deputy Mayor for Economic and Workforce Development, Maria Torres-Springer, said the conversions won’t include affordable housing unless the state enacts a new incentive program. in their respective rebuttals to Hochul’s Fiscal Year 2024 executive budget — known as their one-house budget resolutions.
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