New York City’s current property tax system is notoriously opaque, unfair, and regressive. For the past four decades, rather than dealing with its structural flaws, New York State has layered on a patchwork of exemptions and abatements to lower tax rates for various owners.
Mayor Bill de Blasio is again calling for the implementation of a “mansion tax:” a surcharge on the sale of high-end residences in the city. The Mayor made this one of the featured proposals in his state of the city speech as well as in recent testimony to the state Legislature.
This report looks at the progress since Mayor de Blasio’s overhaul of Build It Back, the impact of the recommendations outlined in One City Rebuilding Together, and the City’s plans to complete the Build It Back program.
The city’s diminishing stock of rent-stabilized apartments is highly sought after by prospective tenants because these regulated units often rent at below-market rates and offer a variety of tenant protections including the right to lease renewal.