Further to a story posted in New York Yimby today announcing that HPD endorses the City Council’s proposal to hold annual audits to crack down on builders’ non-compliance with 421-a,

Stroock & Stroock & Lavan 421a expert Erica Buckley Esq. opines:

“421-a has played a critical role in New York City’s housing landscape for years. However, the city and state continue to report on widespread non-compliance in both homeownership and rental projects. Contrary to belief, 421-a is not meant to simply assist developers build new housing. In fact, the law has always aimed to accomplish two goals: to spur residential development and to provide stable and affordable housing for New Yorkers. The intricacies of the 421-a tax exemption are on the radar of our city and state lawmakers and housing agencies. We are at a critical time when lawmakers are being asked to renew this vital program. The only way that is going to happen is if developers agree to follow the rules.”

Ms. Buckley is available for interview to expand on this recent news.

About Erica F. Buckley

Ms. Buckley joined Stroock’s Real Estate and Government Relations Practice Group as Special Counsel earlier this year after having served as Chief of the Real Estate Finance Bureau, in the New York State Office of the Attorney General. Among her many responsibilities during her tenure there, she was charged with enforcing the Martin Act, New York’s law that regulates the offer and sale of real estate securities, and she also served as a bureau expert on affordable housing, tax incentives and 421-a. She was also one of the innovators of the Attorney General’s 421-a Real Estate Tax Compliance Program.

Stroock & Stroock & Lavan LLP is a law firm providing transactional, regulatory and litigation guidance to leading financial institutions, multinational corporations, investment funds and entrepreneurs in the U.S. and abroad. Our emphasis on excellence and innovation has enabled us to maintain long-term relationships with our clients and made us one of the nation’s leading law firms for almost 140 years.