Wednesday, November 30, 2016

Rally against 421-A deal

The proposed deal between the Real Estate Board of NY (REBNY) and the construction unions guarantees higher wages for buildings constructed with proposed 421-A tax breaks.  But at what cost?  On THURSDAY, DEC. 1 at 1 PM at City Hall in Manhattan, join the Real Rent Reform Campaign, the Alliance for Tenant Power and other coalitions opposed to the $billion giveaway to developers. 

See NY Slant's article by Tom Waters


GOVERNOR CUOMO’S FLAWED 421-A PROPOSAL

BY TOM WATERS |  
NOVEMBER 29, 2016 |  

Excerpt:  
In recent years, 421-a has cost New York City more than a billion dollars a year in foregone tax revenue ($1.2 billion in 2016), while producing about $100 million a year worth of affordable housing.
Cuomo’s proposal would cost the city $2.4 billion a year in revenue, without bringing about a remotely comparable increase in affordability benefit.
This enormous new tax expenditure would be wasteful in any context, but it is especially ill advised at a time when vital federal subsidy streams to the city are in jeopardy in a Trump presidency. For comparison, the New York City Housing Authority currently receives $910 million a year in federal operating subsidies for public housing and $930 million a year for Section 8 vouchers. 


Thursday, November 10, 2016

New Albany tax give-away to developers - Nov. 11, 2016 ?

From the Association of Neighborhood and Housing Development website:

Albany Gives Our Budget Away to REBNY As the City Faces Massive Loss of Federal Support

Albany Deal Will Give Away Billions More in Extended Real Estate Tax Exemption Proposal

The big-real estate developers lobbying group, REBNY, announced a proposed new deal today to bring back the controversial 421a Developers Tax Exemption. As ANHD pointed out in a blog last week, the proposal is unconscionable on its face because it will give developers an additional 10-year exemption, on top of an already grossly excessive 25-year proposed exemption, creating a tax break that is unprecedented and unjustifiable on any fiscal or programmatic grounds – all at the expense of New York City taxpayers
It will give developers an additional 10-year exemption, on top of an already grossly excessive 25-year proposed exemption, creating a tax break that is unprecedented and unjustifiable on any fiscal or programmatic grounds – all at the expense of New York City taxpayers.
The 421a Exemption – commonly referred to as the Trump Real Estate Tax Exemption because he used the program early and often – expired last year as Albany tried to engineer a deal between REBNY and the trade unions. Now, Albany again wants to pay REBNY to make a deal with the trade unions, in effect, stuffing an extra $10 into REBNY’s pocket to get the group to give 25 cents to the trade unions.
This comes at a time when the City is facing the potential loss of massive federal funds under President Trump, including funds for essential housing programs such as the Section 8 Rent Voucher program. Yet, Albany may be mortgaging away our local tax base, the exact funds we need to support our residents as Federal support is diminished.
This comes at a time when the City is facing the potential loss of massive federal funds under President Trump, including funds for essential housing programs such as the Section 8 Rent Voucher program. Yet, Albany may be mortgaging away our local tax base, the exact funds we need to support our residents as Federal support is diminished.
The 421a proposal on the table – which would allow developers to pay ZERO taxes for the next 35 years – will make 421a appealing to even more real estate developers. The New York City Independent Budget Office projects that, as more developers flock to the enriched program, the cost of 421a to NYC tax payers will jump from $1.4 billion in FY15 to between $5.6 and $7.1 billion over the next 10 years alone. And this is just from the increase in the number of developers subscribing to the program; it does not account for the billions more that 421a will cost since the building will be tax free for a lucrative 35 years – 10 years longer than under Mayor de Blasio’s plan.
This comes at a time when new data concerning building permits and land prices indicates that new construction has adjusted to a housing market without the 421a Exemption and is quickly recovering, and that the existence of 421a itself may have been hindering development in key markets by inflating land prices.

Monday, November 7, 2016

McKee's Media - Nov. 7, 2016: VOTE

Tuesday, November 8, 2016 - VOTE!

Click on this NYS Board of Elections link to find out 
where your polling place is located.

New York City residents: visit the NYC Board of 
Elections poll site locator

NOTE: Write down your Election District (ED) and 
your Assembly District (AD). This info can be found 
on the NYC Board of Elections website above. Having 
this info will allow you to skip the check-in table at your 
poll site and go directly to the sign-in table for your AD 
and ED.

421A: 

STATE ELECTIONS
Zack Fink: Cuomo stumps for Hillary, state senate Dems in last-minute push (Time Warners News)

McKee's Media November 5, 2016

Saturday, October 29, 2016

McKee's Media - Oct. 28, 2016

Articles of Interest to Tenant Advocates:



MISCELLANEOUS





Mike McKee
http://www.tenantspac.org/

Help elect pro-tenant candidates to the NYS Senate!



Tenants' PAC
 11 Days to the Tuesday, November 8 Election!
Election Day is 12 days from today. Tenants PAC needs YOU to help turn the New York State Senate BLUE. Developments nationally and locally in the last couple of weeks have enhanced our chances of flipping the state senate, but this will not happen without your help.

Tenants PAC needs you to volunteer to help Get Out The Vote in Nassau or Westchester County on Tuesday, November 8, and the weekend before (Saturday Nov. 5 & Sunday Nov. 6). Many elections are won or lost in the field during the last weekend. We need you to help door-knock, palm card, and engage in visibility efforts. We also need cars and drivers.

We also need you to contribute to help elect pro-tenant Democrats. Thanks to your generosity, Tenants PAC has now contributed an unprecedented $83,000 to ten pro-tenant state senate candidates in Nassau & Westchester Counties, in the Hudson Valley, and in western New York. We are trying to raise funds to do one last round of contributions.

To volunteer for GOTV, or for information: action@tenantspac.org.

To contribute, click here.