Understanding the Impact of 421a Sunsetting

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AIA New York is looking for specific feedback on how the 421a program expiring is impacting your firm and the projects in your portfolio. We are looking to gauge the number of units, particularly affordable units, that have been impacted by the program sunsetting and now stuck in the pipeline due to the completion date deadline, as well as the location of these projects.

The extension of the 421a completion deadline from 2026 to 2031 along with the creation of an equivalent 421a program are two of AIANY's top legislative priorities for 2024. We appreciate your feedback to help us understand how our members have felt the direct impact of this policy.

All responses will be anonymous.

What size is your firm?

Small (under 20)MediumLarge (150+)

How many housing projects is your firm currently working on? (Could be any stage)

How many units?

How many affordable units?

In this order, please describe what types of project they are and what neighborhoods they are located in.

Do you have any projects on hold or cancelled due to 421a expiring or the program completion date deadline? (If multiple, please state the number of projects on hold or cancelled and for what reason.)

YesNo

Please state the number of projects that were put on hold

Please state the number of projects that were cancelled

Please provide a brief description as to why they were cancelled or put on hold

How have these projects changed? Have they switched from affordable to market rate, co-op to condo, or rental to sale?

What neighborhoods are these affected projects located in? (If multiple, please state number of projects in each neighborhood.)

How many units were in these affected projects?

How many units in these affected projects were affordable?

What stage in the project were you at when the project(s) were affected as a result of 421a expiring?

Hold Ctrl or Cmd to multi-select

How many projects at the concept stage were affected?

How many projects at the design stage were affected?

How many projects at the out to bid stage were affected?

How many projects at the construction stage were affected?

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Have you heard from developers that they are waiting for a new 421a or an equivalent program to be reinstated? What types of projects are mentioned in those conversations? Please provide information about location, number of units, and number of affordable units.

How many more architects/staff would you hire if 421a or an equivalent program was renewed?

How much staff did you need to let go as a result of 421a expiring?

For housing projects that you are currently working on, are you using any entitlements? What types (ex: Historic Tax Credits)? Are those entitlements making the inclusion of affordable units feasible?

Are you doing any conversion projects, and have those projects been impacted by 421a sunsetting?

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