485x -

New York City’s skyline is perpetually under construction, but the rules governing how those buildings get built just underwent a massive shift. With the expiration of the long-standing 421-a program, the city has introduced , also known as the Affordable Neighborhoods for New Yorkers (ANNY) incentive.

: Projects can receive up to 40 years of property tax exemptions , a step up from the 35 years offered under its predecessor. New York City’s skyline is perpetually under construction,

Unlike previous programs, 485-x places a heavier emphasis on deeper affordability and higher labor standards: 485-x: Affordable Neighborhoods for New Yorkers - NYC.gov Unlike previous programs, 485-x places a heavier emphasis

: Developers have until June 15, 2034 , to commence construction, with a completion deadline of June 15, 2038 . Unlike previous programs

The New Era of NYC Housing: A Deep Dive into the 485-x Tax Incentive