Tax breaks to corporations and wealthy landowners have ballooned under the Bloomberg administration, despite the mayor's long-standing vow to curtail the practice.
The benefits of the Industrial Commercial Incentive Program (ICIP), considered one of the city's biggest giveaways, has long been debated, with Michael Bloomberg among the most vocal opponents of business tax incentives during his mayoral campaign.
"I don't like the idea of bribing somebody to stay put," he told the Associated Press in the summer of 2001.
The new mayor stuck to his guns in the economic crisis after the 9/11 attacks saying, "Any company that makes a decision as to where they are going to be based on the tax rate is a company that won't be around very long."
Big business still getting tax breaks
However, the business breaks have multiplied in recent years, even as numerous critics, including the city's own Economic Development Corp.oration, agreed that the money went to wealthy property owners and businesses that would have stayed in New York anyway.