485x (PROVEN – CHOICE)

Enacted in April 2024, 485-x is a tax exemption program designed to incentivize the construction of new multi-family housing and certain eligible conversions. Its primary goal is to address the city’s historic housing shortage—where the rental vacancy rate hit a record low of 1.4% in 2023—by making large-scale residential projects financially viable. Key Benefits and Deadlines

Unlike previous programs, 485-x places a heavier emphasis on deeper affordability and higher labor standards: 485-x: Affordable Neighborhoods for New Yorkers - NYC.gov Enacted in April 2024, 485-x is a tax

: Projects can receive up to 40 years of property tax exemptions , a step up from the 35 years offered under its predecessor. The New Era of NYC Housing: A Deep

The New Era of NYC Housing: A Deep Dive into the 485-x Tax Incentive and residents alike

The program offers significant tax relief for projects that meet specific affordability and labor criteria:

For developers, investors, and residents alike, understanding 485-x is crucial to navigating the future of NYC real estate. Here is what you need to know about this landmark program. What is 485-x?