A Pitch for Tax Breaks

Crain’s reports that a city task force will likely recommend continuing the certificate program that allows Manhattan condo developers to get tax breaks.

The article quotes an unnamed member of the panel saying:

“We are united in wanting the program to continue, although we all agree that it needs to be fixed.”

We noted more dissension on the task force when we wrote about the same program last week, although it became clear the entire decision rests with city housing commissioner Shaun Donovan, the panel’s chairman. Donovan has taken no position on certificates publicly but a source told us he has recently cooled to them although he once favored them.

Today’s glowing profile in The New York Times paints Donovan out to be an advocate’s commissioner, albeit one who leverages market forces, which suggests he would have no trouble getting rid of the certificates if he thought it would produce more affordable housing.

Matthew Schuerman

A Pitch for Tax Breaks