The city lost out on as much as $2.8 billion in wasted tax breaks for condos under a program meant to spur housing development, according to a new study by a budget watchdog group.
The Independent Budget Office estimates that $2.5 to $2.8 billion of the property tax breaks given out over a decade as part of the 421-a program were wasted because they benefited homeowners rather than advancing the program’s stated goal of encouraging housing development.
3 comments:
NO SHIT, SHERLOCK!
Lied to once again.SOP for political crooks.
Say it is not so!
Imagine that!
A Government program not working out as intended...
They did build, way more than they should have, and screwed the neighborhood with small overpriced apartments that not many can afford. $1800 rentfor a 1 bedroom rental, or $500000 for a 1 bedroom condo does not benefit me !
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