Billionaires Get 'Low-Income' Tax Breaks in Condo Tower - Yahoo! Finance
But
they may also get a less publicized benefit: tax breaks of more than
$150,000 a year from a program aimed at low-income housing.
According to financial documents obtained by CNBC, One57 may receive a
tax abatement under a long-existing city program designed to provide
more low-income housing. The program, known as 421-a, gives developers
tax breaks for 10 to 20 years, which are then passed on to buyers. At
One57, those savings may be substantial.
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