With an election two months away, Mayor Bloomberg certainly isn’t running away from Atlantic Yards, the $4.9 billion mega-project that never ceases to elicit fervent opposition in neighboring areas of Brooklyn.
Confronted Thursday with an Independent Budget Office report that alleges the centerpiece Nets arena is a net-money loser for the city—which is incentivizing Read More
The planned new Nets arena in Brooklyn is anticipated to result in a net loss of money for the city, a new report from the city's Independent Budget Office has found, a change from the agency’s last report in 2005 that found a small financial gain. The report, released Thursday, comes a day after Read More
There is a $1.1 billion shortfall in the most recent budget Michael Bloomberg presented to city lawmakers, according to the Independent Budget Office, which just released its analysis of that presentation.
The gap mainly comes from the IBO projecting lower tax revenues than the mayor is expecting.
Also, that gap “could increase” because of Read More
There is a $1.1 billion shortfall in the most recent budget Michael Bloomberg presented to city lawmakers, according to the Independent Budget Office, which just released its analysis of that presentation.
The gap mainly comes from the IBO projecting lower tax revenues than the mayor is expecting.
Also, that gap “could increase” because Read More
When is a luxury condo not a luxury condo?
When the city assesses it for property taxes. Then it becomes a rental.
Under the city’s notoriously convoluted property-tax code, condos and co-ops are assessed for property-tax purposes as if they were rental buildings. This rule, based on the concept of guessing how much income Read More
Renters, beware! You are about to get shafted—thanks to property taxes.
The city’s Finance Department recently announced that New York’s property-market value shot up 19 percent since May 2006.
The city’s property is now valued at $802.4 billion, up from $674.1 billion at the end of fiscal year 2007.
Higher property values normally Read More
The city Independent Budget Office just released a report [pdf] on the city’s economic health which says that the mayor’s warnings about a projected 2008 budget gap of $3.8 billion “appear premature” thanks to “better-than-expected tax revenues.”
More:
“Based largely on the on IBO’s latest tax revenue estimates, the city’s short-term fiscal picture appears Read More
Quinn’s proposed exclusion zone is outlined in green.
Bruce Ratner’s so-called friends are about to cost him tens of millions of dollars in lost tax breaks because of a bill pending in the City Council.
The stormy debate over the 421-a multifamily housing tax incentive still has a few days to play Read More
Neil deMause has more details on yesterday’s Yankees-Mets hearing, including the explanation from the Parks Department’s Josh Laird that the reason the city’s contribution for the Yankees has increased was due to “overall inflation in construction costs.”
It would be one thing if the city was paying to build Read More
Real-estate developers love Michael Bloomberg. He’s one of them, after all: It was he who finally built a huge skyscraper in the languishing pit that for so many years was the former Alex-ander’s department-store site. His ambitions to host the 2012 Summer Olympics may have gone unrealized, but in the effort he made the West Read More
