Comptroller calls for long overdue overhaul of city’s property tax system
City Comptroller Brad Landeras well as a slew of housing advocates and state and city politicians, gathered Thursday morning outside the Dinkins Municipal Building to call for a broad property tax reform in New York now that the state is controversial 421-a the affordable housing tax relief has expired, Crain’s reports.
“Its expiration yesterday gives us a unique opportunity to fix what’s broken in New York’s property tax system,” Lander said of 421-a. “It’s going to take a grand coalition to do this, because a once-in-a-generation opportunity requires a once-in-a-generation coalition of people.”
Supporters of the effort at Thursday’s rally included State Sens. Liz Kruger and Brian Kavanaghassembly member Harvey Epstein and the Minority Leader of the City Council, Joe Borelli.
“Nobody in this town can really explain why your taxes are this and your taxes are that,” Krueger said. “It doesn’t matter what community you live in or what status you have. When people can’t understand taxation, they’re sure there’s a scam, and I don’t know if I can prove that it isn’t. is not true.
Lander has since a long time a harsh critic of the 421-a program, which expired June 15. It provided developers with a tax break in exchange for manufacturing 30% units in their residential projects affordable. A walk report of Lander’s office estimated that the breakup would almost cost the city $1.8 billion in tax revenue this fiscal year, and the comptroller reaffirmed his position that the state should allow him to expire and focus on enacting broader property tax reform.
During budget negotiations earlier this year, Governor Kathy Hochul proposed to replace the tax relief with a 485-w program, which would have made all affordable housing permanently subject to rent stabilization and eliminated eligibility for high-income earners. But the governor’s proposal was not included in the final budget deal. The Legislative Assembly did not pass any extensions of the program during its recent session.