A NYC property tax exemption program for new residential construction that includes affordable housing requirements.
Last updated: March 2026 · 9.4M+ properties indexed
421-a provides property tax exemptions for new residential construction in NYC. In exchange, developers must include a percentage of affordable units. The abatement phases in over time — typically starting at 100% exemption and gradually reducing to 0% over 15-35 years depending on the program version.
421-a units are rent-stabilized for the duration of the benefit period. When evaluating properties with 421-a, it's critical to understand the abatement schedule and expiration date, as tax bills increase significantly as the benefit phases out.
A NYC property tax exemption for new residential construction that includes affordable housing. The benefit phases out over 15-35 years.
Yes. Units in 421-a buildings are rent-stabilized during the benefit period.
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