Picture it: City and State lawmakers racing against the sunsetting of the 421-a law to modify and extend the program.
While it may seem like only yesterday, this scene actually played out three long years ago; and is likely to reenact itself in a few short months.
At the end of 2007, the market was still trending upwards (the fall of Lehman in October 2008 was months away) and the overall tenor of the debate was not if the program’s benefits should be limited, but by how much. In the end, the program was extended for three years, the exclusion zone was expanded, negotiable certificates were essentially eliminated, and benefits were capped based on assessed value. (more…)