With the enactment of the FY 2025 Budget, the real estate development landscape has progressed dramatically. This comparison between New York's 421-a and 485-x tax abatement programs aims to outline their distinct frameworks and implications for developers. It highlights the differences in eligibility, benefits, and compliance requirements of each program, emphasizing how they affect rent stabilization and the transition to market rates post-abatement. The analysis serves to aid developers in selecting the appropriate program based on the scale and objectives of their projects.