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

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