be because Xin wants their cake and eat it too. I've read articles that drop little things like the tax exemption for something like 20 years etc. So how does one get those perks? Is this part of the zoning changes of 2006?
Sounds like it. But Xin's pricing doesn't mention any 20% affordable housing pricing. Take a look at this PDF
put out by NYC called:
'Greenpoint-Williamsburg Inclusionary Housing Program'
I'd like to hear what you all think, but it's my belief this is why building hasn't started. Xin, you can't have it both
421 Kent apparently qualifies for a 421a property tax exemption....11 full years and 4 year phase out. There are other ways to get the exemption besides "affordable housing" ........ such as "location". . Since XIN is pushing the tax exemption to Chinese buyers.....they must already have the exemption.
I didn't, but I imagine it's a non-issue. Got a new permit on 4/22 and scheduled completion by 2015 stating construction begai nov. 2013.... I don't feel like they are trying to go slow for tax purposes. even if the article found some benefit for doing so.