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Showing posts from August, 2013

Big real estate paid $$ to get million-dollar tax breaks

 

NY Daily News

Gov. Cuomo received $76,000 from real estate investors weeks before giving their property a tax break on bill

Three partners at Fisher Brothers, which owns the New York Curb Exchange at 86 Trinity Place, each gave at least $25,000 to Cuomo weeks before he approved the tax breaks. The location is one of five Manhattan properties that was singled out for tax relief in a January bill.
BY KENNETH LOVETT / NEW YORK DAILY NEWS
PUBLISHED: THURSDAY, AUGUST 15, 2013, 2:30 AM
ALBANY — The deep-pocketed real estate investors who own a landmark former stock exchange building in lower Manhattan lavished Gov. Cuomo with $76,000 in campaign donations just weeks before Cuomo approved a lucrative tax break for their property.

NY Times: Close "LLC Loopholes" that help big real estate

 

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Editorial:  Subpoenas for Albany
. . . One obvious area of investigation is the link between
campaign contributions and legislation — in particular, any
connections between real estate developers who received a huge tax
break in January, after contributing millions of dollars to Albany
lawmakers.

Monday, Aug. 12 RALLY at 9:30 AM

 

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Met Council: DEMAND PROBE OF REAL ESTATE DONORS

On Monday, August 12, join members of the Fair Elections campaign and housing advocates in demanding a Moreland Commission investigation of the Real Estate Board of New York (REBNY) for possible involvement in public corruption. Contact us at 718-864-3932 today.

WHAT: Stop Tax Breaks for Billionaire Real Estate Developers
WHEN: Monday, August 12, 9:30am***
WHERE: 570*** Lexington Ave, Manhattan (between 51st and 50th Streets)
RSVP:jaron@metcouncilonhousing.org or 718-864-3932

State subpoenas big landlords who got big tax breaks

 

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Wall Street Journal

Subpoenas Sent to City's Big Landlords
New York State Corruption Commission Examines Tax Breaks By  ELIOT BROWN and ERICA ORDEN
A New York state commission to investigate corruption has issued subpoenas to three high-profile New York City real-estate developers, seeking information related to valuable tax breaks they received in state legislation, according to people informed of the subpoenas. The subpoenas were sent in recent days to Extell Development Co., Silverstein Properties Inc. and Thor Equities, the people said, and seek information related to a housing bill that passed the Legislature and was signed by Gov. Andrew Cuomo in late January.

Tax Breaks for Landlords - No Benefit for Tenants

 

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City Limits:  
Tax Break Gives Millions to Builders, Little to Renters

It's time to rethink the 421a subsidy program, an expensive and inefficient way to provide affordable housing in a city where government budgets and renters' wallets are strained. By Tom Waters | Tuesday, Jul 30, 2013 A few tens of millions here, a few tens of millions there – pretty soon we’re talking real money. The tax giveaways that the state legislature handed a select few developers earlier this year as part of a housing bill weren’t exactly small potatoes. But this boondoggle is just the tip of the iceberg of poorly targeted housing subsidies that escape proper public scrutiny because they take the form of tax breaks. https://www.citylimits.org/conversations/210/refoming-421a