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News
Reforms to Tax Breaks for Developers Continues
by Cindy Rodriguez
NEW YORK, NY December 12, 2006 —The fight over the reform of a program that gives tax breaks to developers is far from over. The debate has divided New York's city council. Some members want all developers to build affordable housing in exchange for tax breaks. Right now, that's only required in some areas of the city.
REPORTER: Council Speaker Christine Quinn and the mayor support a more modest reform that would require developers in nearly all of Manhattan and parts of Brooklyn to build cheaper housing. Either way, the final say rests with Albany. Assemblyman Vito Lopez chairs the state's housing committee. He wants to make the affordable housing requirement citywide. After testifying at a council hearing, Lopez said he plans to hold hearings of his own.
LOPEZ: And as speaker Quinn made adjustments for certain of her members and certain parts of the city. I am sure the state legislature and the state assembly will do the same. I believe this bill will be changed in Albany. How drastically...I'm not too sure.
REPORTER: The city council has to pass its proposal by the end of the month. State lawmakers will pick up the issue in the spring.