I don't know what the Council was thinking. They certainly aren't getting good
advice from their paid professional help and the problems were brought to their
attention.
Dan your right about the exemptions - the max is 10 years and even that length
usually means that the developer had to put up with some special problem. One
of the 421-A exemptions is a good example. It gives a developer 10 years
(covering only the increase in building value) and it requires gut rehab rather
than building new; and must be in a specifc undeveloped area. The exemption
extends partially for 5 more years for any portion that is done to Landmark or
SHIPPA requirements. I would say that is our most drastic developer statute.
NYC is in a better position to offer exemptions because it makes the money back
on what is spent and who is hired in NYC. Asbury is not in the same position.
Even, NYC could not offer any sizeable exemption to a development that would
increase its population by 50%. Neither can Asbury Park.
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