By R.B. Stuart
While housing sales stall across the US and many predict
that residential real estate prices will plummet, New
York City appears to be a country in itself, even with the
specter of job cuts on Wall Street. The region’s condominium
market seems to have skirted the crunch.
However, developers and residential brokers are waiting to
see what impact the sunset of the current 421a tax abatement
provision will have on the cost of building a project or buying
a unit there. Implemented in 1971 to help boost the development of middle- and lower-income housing, the 421a program
in its current form is set to expire July 1. In many areas of the
