So we’re taking the necessary action, and we’re cosponsoring legislation that will reform the Cooperative/Condominium Property Tax Abatement by ending tax breaks for luxury owners who don’t need them. The top three largest abatements in the city each amount to more than $44,000 every year. Those represent just 17 percent of a luxury owner’s tax bill, and nearly double of the average annual household income of $24,000 for NYCHA residents. It is common sense that we should repeal another tax abatement for the wealthy in order to help fund much needed repairs for the vulnerable in public housing.

With $32 billion in outstanding repairs needed for NYCHA, impacting the health and safety of more than 400,000 New Yorkers, we cannot afford to continue handing out tax breaks to luxury real estate while public housing residents suffer. Let’s use our new majority in the legislature to fix this problem in a lasting way by providing steady and ongoing revenue to NYCHA.

Continue reading >> Opinion: Abolish This Luxury Property Tax Break and Save NYCHA | City Limits

Posted on: June 20, 2019