Schumer Sed No Tax Breaks

As the city considers giving $650 million in tax breaks to Hudson Yards developers, it will have no less an opponent than Sen. Chuck “Mr. Office Space” Schumer. Here’s what he said about them a year ago before the Partnership for New York City:

… I do not believe we need to give developers tax breaks — the reduced PILOTS — to get them to the West Side. That money should be used for the building of the #7 line if needed.

There is already growing developer interest in the area and I see no evidence that reductions in PILOT payments – de facto tax breaks at the city’s expense – are needed. Traditionally in this city, infrastructure alone is sufficient to induce development.

Matthew Schuerman

(Via James Parrott of the Fiscal Policy Institute.)

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