The state budget found new money for a lot of important causes—education aid, transit improvements, clean water—but not for public housing, despite the persistent crisis at New York’s housing authority. While the city would be on the hook to spend billions on NYCHA under a proposed federal settlement, the authority will need a lot more to address its $32 billion in capital needs.

Maybe high-end coop and condo owners can help! Two Manhattan lawmakers, Assemblyman Robert Rodriguez and Sen. Brian Kavanagh, have proposed rescinding the condo/coop property tax abatement for the top 10 percent of owners and directing the $170 million in resulting revenue to NYCHA.

Continue reading >> Lawmakers: Axe Tax Break for High-End Condos and Coops to Help Fund NYCHA | City Limits

Posted on: April 20, 2019