485x

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

The New Era of NYC Housing: A Deep Dive into the 485-x Tax Incentive : Developers have until June 15, 2034 ,

Enacted in April 2024, 485-x is a tax exemption program designed to incentivize the construction of new multi-family housing and certain eligible conversions. Its primary goal is to address the city’s historic housing shortage—where the rental vacancy rate hit a record low of 1.4% in 2023—by making large-scale residential projects financially viable. Key Benefits and Deadlines Key Benefits and Deadlines : Projects can receive

: Projects can receive up to 40 years of property tax exemptions , a step up from the 35 years offered under its predecessor. : Developers have until June 15

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

: Free-market units within these projects are generally not subject to rent stabilization , providing more financial upside for owners. The Requirements: Affordability and Labor

The program offers significant tax relief for projects that meet specific affordability and labor criteria: