"Luxe Builders" Chase Tax Breaks (City loses out)

The impossible proves porously possible. In January, State Senator Martin J. Golden, Republican of Brooklyn, and Assemblyman Keith Wright, Democrat of Manhattan, attached a gilded little 421-a “carve-out” to the underside of a much-needed housing bill for New York City. Everyone voted for it. Just like that, Mr. Barnett’s development earned a property tax exemption worth at least $50 million, maybe much more, over the next 10 years.NY Times