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Established in 1971 when NYC officials were concerned about the drop in residential construction as residents were moving to the suburbs, the 421-a tax exemption program gave developers an incentive to build on vacant land. The program offered a 10-year tax exemption for building multi-unit residential projects. Specifically, the developer of a project on vacant or mostly vacant land is exempt from paying the taxes it would usually have to pay for a construction period of up to three years.
