1,000 signatures reached
To: Governor Cuomo and the New York Legislature
ASK ALBANY TO END SENSELESS SUBSIDIES FOR LUXURY DEVELOPMENTS
New York needs more affordable housing for its hardest working residents, not tax giveaways for the richest 1% to build luxury buildings. You must end the 421-a tax abatement before it comes up for renewal in June.
Why is this important?
The world’s billionaires have made New York City their haven. In fact, so many egregious luxurious buildings are popping up in New York City, a strip in midtown is now being called Billionaire’s Row.
Worse, these decadent buildings built for the richest 1% are being subsidized with taxpayers dollars. The wealthiest developers in the city are using a tax abatement called 421-a, which forces working class and middle class taxpayers to subsidize luxury developers who build apartments that the vast majority of New York City residents will never be able to afford.
The 421-a tax abatement was created in the 1970s to spur residential development at a time when New York was on the brink of fiscal collapse. But in recent years, the program has become a senseless subsidy with a corrupting influence: it costs billions in unnecessary tax breaks for luxury condos built by the most politically-connected developers who fund the electoral campaigns of state lawmakers.
Beneficiaries of the 421-a tax abatement include Extell Development Company, which built One57, the skyscraper where an apartment was recently sold for a record-setting $100 million.
New York’s tax dollars tax dollars should go to subsidize affordable housing, schools and better infrastructure – not luxurious apartments for the world’s richest 1%.
What Type and Size of Buildings Are Receiving 421-a Property Tax Exemptions in 2013? - See more at: http://ibo.nyc.ny.us/cgi-park2/?p=436#sthash.Lt85QpSo.dpuf
In Program to Spur Affordable Housing, $100 Million Penthouse Gets 95% Tax Cut: http://www.nytimes.com/2015/02/02/nyregion/in-program-to-spur-affordable-housing-100-million-penthouse-gets-95-tax-cut.html
One 57: http://www.one57.com/
How it will be delivered
Petition will be delivered in person at Governor's Cuomo's office.