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New York‘s $237 Billion Budget Includes 485-x Tax Break Revival to Spur Affordable Housing Construction
$1.15 Billion Allocated for Affordable Housing, Including 485-x Tax Break Revival – New York Budget Initiatives
According to The Business Journals, New York lawmakers has a big budget plan and has a bunch of new ideas to make housing cheaper. One thing they’re doing is bringing back a tax break called 485-x where this tax break is meant to encourage building more homes especially the ones that Americans with lower incomes can afford. It’s going to last for 10 years and the goal of New York lawmakers is to get construction projects going again especially since another program 421-a ended two years ago.
But that’s not all because the budget of New York has more ideas to help build more homes. They’re giving $500 million to build 15,000 homes on land owned by the government and they’re also giving $650 million to towns and cities to help with housing. Plus New York lawmakers are making rules to stop landlords from raising rents too much. However not everyone agrees on whether the tax break will really fix the housing problem because some Americans worry that they won’t make enough new homes for Americans while others think they’re a good start.
READ ALSO: High-Earning Heroes Public Sector Workers Pocket Up To $792,000 In Overtime Pay
$1.15 Billion Allocated in New York Budget to Revive 485-x Tax Break and Boost Affordable Housing – What You Need to Know! (PHOTO: Bloomberg.com)
NY Budget Enhances Tenant Protection – Limits on Rent Increases Amid 485-x Tax Break Revival”
Furthermore, in addition to helping build more homes the budget also wants to keep rents fair for renters New York lawmakers are making rules to stop landlords from raising rents too much and the rules say that if landlords increase rents by more than 10% or more than 5% plus the Consumer Price Index it’s not fair. These rules are meant to protect renters from big rent increases that they can’t afford but not everyone in the real estate business is sure if these new plans will really help. Some Americans think they won’t make enough new homes so the housing problem will still be there. Others think these rules are a good first step to help renters and make housing more affordable and they’re hoping that by keeping rents fair it will make it easier for Americans to find and keep homes they can afford.
READ ALSO: Evanston’s $17M Milestone For Black Reparations Fund Businesses, Homeownership & Fairness
