Council votes to end MSG tax deal

The City Council voted 40 to 3 yesterday to end Madison Square Garden’s property tax exemption. Since it was created in 1982, the deal has cost the city nearly $300 million. While Mayor Michael Bloomberg supports abolishing the exemption, it must be passed by the state Legislature. The Assembly speaker, local Assembly member and Senate majority leader all oppose the idea. But budget problems for both the city and state could drive support for the resolution. The Garden, which owns the NBA’s Knicks and the NHL’s Rangers, received the exemption after it threatened to relocate the teams.