New coalition to take on city’s tax break programs

The task force is comprised of activists, city council members and some business leaders

TRD New York /
Feb.February 24, 2015 09:05 AM

A coalition, lead by City Council Speaker Melissa Mark-Viverito, is planning to study the city’s tax break programs and issue a report about them at the end of the year.

The group, which calls itself the Task Force on Evaluating Economic Development Tax Expenditures, is comprised of activists, city council members and some business leaders, according to Capital New York.

The 421a tax abatement, which is set to expire in June, will be first and foremost on the task force’s agenda, the website reported. Activists have been calling to an end of the tax break recently, which they say only aids developers to build more luxury housing. Mayor Bill de Blasio will probably not support a full elimination of the program, the website reported, but has promised to work on rent reform in Albany.

“The city gives tax breaks to achieve important goals like encouraging investment, helping to diversify our economy and creating good jobs and it’s critical for us to know how well they are working,” Mark-Viverito said in a statement cited by Capital. “I am proud of the accomplished group we’ve assembled to assist the Council in making sure that these breaks help grow our businesses big and small, improve our economy and create good-paying jobs for New Yorkers, rather than wasting taxpayer dollars.” [Capital NY] — Claire Moses 


Related Article

arrow_forward_ios

Gary Barnett says luxury market is crowded, WeWork IPO woes continue: Daily Digest

The issue came to light after some owners realized they were incorrectly billed in June (Credit: iStock)

“A big, big, big success,” NYC Finance Department says of new system that overcharged building owners on property tax

The blackout impacted a 42-block stretch of Manhattan between the Hudson River and Fifth Avenue (Credit: Getty Images)

Con Ed still searching for answers in Manhattan blackout

Mayor Bill de Blasio and Rikers Island (Credit: Getty Images)

Real estate development not coming to Rikers Island, mayor says

With the elimination of vacancy decontrol, landlords can't deregulate units in buildings receiving 421a until the tax break expires (Credit: iStock)

Collateral damage? Real estate sounds alarm on rent regs’ impact on condos, 421a

100 Riverside Boulevard is one property whose tax abatements are ending

With 421a ending, more condo owners are selling their apartments

Mayor Bill de Blasio and Frank Carone (Credit: Getty Images)

City tapped De Blasio donor to take over foreclosed properties

NYC is on the hunt for an Amazon replacement in Queens

arrow_forward_ios