Bloomberg has designated a good portion of Queens as "distressed" in order to use Federal Stimulus funds to provide developers of megaprojects with "triple tax exempt financing" PLUS exemption from sales tax for building materials, a waiver on the mortgage recording tax and reduction or elimination of land and building taxes. Think that's insane? Well, here are the details!
Flushing resident and urban planner Paul Graziano wrote to me:
"Tweeding at the highest level. I've NEVER seen anything like this, and you can quote me on that. This is a clever way for Bloomberg and his minions to use the Federal Stimulus money - money meant for really distressed areas (and we certainly have those in NYC) - and give more tax-exemptions to undeserving developers and developments, just as New York State and City were reining them in."
And if you think the plan for Queens is bad, take a look at the maps of Brooklyn and the Bronx!
Queens Civic Congress is concerned and Lost City is really pissed.