From DNA Info:
City and state politicians rallied on the steps of City Hall Tuesday morning to drum up support for a measure that would eliminate a decades-old, multimillion-dollar tax break for The Madison Square Garden Company, which owns "The World's Most Famous Arena," as well as the Knicks and Rangers.
The company, led by executive chairman James Dolan, has been given as much as $16 million a year in tax breaks since 1982, according to the city's Independent Budget Office — or nearly $350 million over the past 31 years, politicians who oppose the tax break said.
Assemblymen David Weprin and Brian Kavanagh and State Senator James Sanders have said that the money should instead go toward cash-strapped city services. In April, they introduced bills in both houses of the State Legislature that would erase the tax exemption.
On Tuesday, they announced that the bills have gained more than 40 co-sponsors, as well as support from City Council members across New York, including incoming Councilman Corey Johnson, whose district includes Madison Square Garden.
There is "no possible justification at this point, with needed revenue for New York," Weprin said at Tuesday's press conference, speaking in front of about 20 labor union members. "We've lost police, lost firefighters. There's talk of closing firehouses, senior centers."