Monday, October 3, 2016

We may have given away tax breaks for nothing

From the Times Ledger:

The city has been giving tax breaks to developers without tracking how effective their projects have been for economic development, according to a new report.

Last Thursday, the City Council’s Committee on Finance released a report on development tax expenditures, with recommendations on how to evaluate their effectiveness. The report, published by the Council’s Task Force on Economic Development Tax Expenditures, calls for the establishment of a standardized and regular evaluative process to improve transparency and the Council’s oversight.

“The city gives billions in economic development tax incentives each year, and we do not know how well they work. We should know their effects to ensure the public is getting the best bang for its buck,” said City Councilwoman Julissa Ferreras-Copeland (D-East Elmhurst), who is the chairwoman of the Council’s Committee on Financing. “I am proud of the work the Task Expenditure Task Force has done, which will help make the government more transparent and prudent. I look forward to working with the Speaker and my colleagues to develop a process that will allow us to evaluate these programs, understand their effects, and make better decisions about our scarce resources.”

The city funded $7.7 billion towards tax benefits aimed at spurring economic growth and development in Fiscal Year 2016; however, no public process exists to evaluate whether the benefits achieved their stated goals.


Anonymous said...

Similarly, the State needs to open the records, and perform audits to ensure promised results. Big $ drain to no end in those programs, too.

Anonymous said...

What would you expect -these are the "Trump types" who actually write the laws via lobbyists and 'contributions".

Any regulation of these deals is just window dressing if the citizens don't demand enforcement and oversight.

Fat chance of that w/the Albany cesspool running this city's affairs.

Anonymous said...

And my little one bedroom co-op in North Eastern Queens keeps getting hammered with property increases every year.

(sarc) said...

'...and we do not know how well they work."

Campaign cash is flowing in, these tax breaks are working just perfectly...

Anonymous said...

Trump Types ?? I hope your nurse strictly monitors your medication,has removed all ROPE and firearms in your possession and personally sharpens your Crayons.

JQ LLC said...

Don Worthless Trump may have, with the aid of a cadre or pogrom of deplorable shyster law firms have ripped off the city of close to a billion dollars. The amount by other developers from his and his dad's era and lord knows all the other real estate predators of the last 15 years have amassed from these corporate welfare benefits as the city and state's infrastructure and transit has shown no improvement and has got worse and the cost of living here has become grossly inflated.

Supposedly, that makes them smart. And as the results have shown, their filthy lucre was not wasted, for it was never spent and hoarded. Karma can't come harder and instant enough for these sociopath subhuman plutocrats.

Anonymous said...

Solution, make Trump attorney general.
Only a crook knows how to,stop crooks.

Anonymous said...

Flush your local council member down this same toilet.
Flush Paul,Vallone, for starters.