A tax break for billionaires for specific luxury apartment developers in Assembly Bill A.10798 - but NO protections for tenants. Speaker Silver, what happened to your promise? Why does this bill have
NO limits on MCI increases;
NO City Council input into the mayor's Rent Guidelines Board appointments;
NO limits on rent controlled apt. increases;
NO preferential rent limits?
NBC News: Billionaires get 'low income' tax breaks in NYC condo Tower
By Robert Frank, CNBC Reporter and Editor
The billionaires paying more than $90 million for top apartments at the new One57 tower in New York have some very special amenities. They get more than 10,000 square feet, 75 floors above Manhattan. They get VIP concierge and doorman services, along with some of the best views in the city.
But they may also get a less publicized benefit: tax breaks of more than $150,000 a year from a program aimed at low-income housing.
According to financial documents obtained by CNBC, One57 may receive a tax abatement under a long-existing city program designed to provide more low-income housing. The program, known as 421-a, gives developers tax breaks for 10 to 20 years, which are then passed on to buyers. At One57, those savings may be substantial.