Compromise on Tax Break Bill Draws Criticism

New York, NY —

Apartment builders and housing advocates are both unsatisfied with a bill that would require more developers to build affordable housing in exchange for tax breaks. WNYC's Cindy Rodriguez reports.

City Council Speaker Christine Quinn proposed the compromise bill. Housing advocates wanted her to tie affordable housing to tax breaks citywide. Her plan falls short of that, but does include several neighborhoods left out of a similar Bloomberg Administration proposal --- for instance.

East Harlem and Bushwick in Brooklyn. The group Housing Here and Now says Quinn's plan still leaves the developers of luxury condos in several wealthy neighborhoods reaping the benefits of tax breaks without giving anything back.

The Real Estate Board of New York says developers need unrestricted tax breaks to build in certain neighborhoods and can't afford to set aside below market rate housing. For WNYC, I'm Cindy Rodriguez.