421-a Twist

Remember all those foundations that got poured just prior to June 30 of this year? It turns out that developers do not find out if their projects are vested until the project are completed. Talk about adding uncertainty to the development equation.

Oh, and even if the foundation was poured by the deadline, the project still “must make timely progress on the building until its completion”. So you can’t pour a foundation and walk away for a couple of years waiting for the market to improve.