When state lawmakers introduced a replacement for the expired 421-a tax abatement this spring, developers breathed a sigh of relief. But over the last month, as the final rules for the new incentive were solidified, that relief has morphed into tension as developers have come to grips with what they think they’ll actually be able to build. The answer: less than they hoped. 
“Finding an extension for and a replacement of 421-a was critically important,” Jessica Sherman, senior vice president of affordable development at Douglaston Development, said Tuesday at Bisnow’s New York City State of the Market event. “I hope that it’s not the policy in its final form, because for many of… Read the full story here. | 
