Building has gotten tougher, and now Albany is toying with scrapping 421a. Will multifamily development survive? “If you take away 421a, Manhattan’s definitely gone, right?” said Steve Cox, a managing director at lender Hunt Mortgage, adding that parts of Brooklyn, even Queens, would also become prohibitively expensive for those looking to build multifamily rental projects. Developers, he added, would look beyond the city, to secondary markets as far afield as the Midwest or keep their powder dry until a more favorable financing climate comes to pass in the five boroughs.  

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