‘You Made It Worse’: Developers Say They Can't Build Housing Under 485-x

When New York lawmakers came together this spring to pass a new tax incentive program for the development of affordable housing, there was initially hope that it would kick-start a new building boom. But when the final rules for the program, dubbed 485-x, were released last week, it cemented to many in the development community that those charged with crafting real estate policy in the city and state don't understand the industry.  “It's kind of sad for me when I spend time with [politicians] and they really just don't understand our business, and I don't understand how to achieve their goals,” GFP Real...