The Department of Finance is costing New York City millions of dollars. It’s as simple as that. An audit by my office has found that the Department has failed to accurately calculate tax benefits under the Section 421(a) housing program, which provides tax exemption benefits to owners of residential real estate property who construct new multiple dwellings or convert, alter, or improve existing buildings for residential use.
The program was created in 1971 as a means of encoura…