April 04, 2022

MinKwon Center Statement on 421a Tax Exemption

PRESS STATEMENT
For immediate release
April 1, 2022
Contact: Christine Lee, MinKwon Center, christine.lee@minkwon.org 

 

Flushing, NY — The MinKwon Center for Community Action, alongside fellow organizations, demand that 421a be eliminated upon expiration this June. 421a is an outdated tax exemption from the seventies that incentivizes developers to prioritize the construction of luxury buildings over affordable housing. This has worsened the city’s housing affordability crisis; The citywide average median household income (as of 2019) is approximately $55,000 a year, while apartments on the market are only within reach to families making well over $100,000 a year. This tax break further harms lower income communities while providing benefits for wealthy developers.

Given the expiration of the eviction moratorium, the need for truly affordable housing is greater than ever. We must prioritize the building of social housing, pass Good Cause, and legalize basement apartments in order to let our communities truly thrive and keep them safe.

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The MinKwon Center for Community Action empowers the Korean American community and works with the wider Asian Pacific American (APA) and immigrant communities to achieve economic and social justice for all.


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