New York’s real estate leaders are already over the 421a replacement. MAG Partners chief executive officer MaryAnne Gilmartin said the 485x program “really needs to be reconsidered,” calling it unworkable for ground-up developers at a Crain’s and REBNY event this week.  “My hope is that we don’t live with this program for a decade,” she said. The 485x incentive, included in last year’s state budget, was designed to revive affordable housing production after the 421a program expired in 2022. But its $40-per-hour minimum wage requirement on projects of 100 units or more triggered a flood of 99-unit proposals across the […]

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