By Business Insider
If you live in New York City, you probably know that your income taxes are high. A combined city and state tax rate of 10.4% kicks in at just $22,000 of taxable income for a single person.
You probably don’t know that New York City has some of the country’s highest taxes on apartment buildings—and if you’re not subject to rent control, much of that cost is flowing through to you as a renter.
Not all property taxes are high here: New York actually has very low taxes on owner-occupied homes. Our property tax system is a perverse cross-subsidy from relatively poor renters to relatively rich homeowners.
If we just taxed all property at the same rate, apartment building taxes would fall by $1,000 to $1,500 per unit.
Here are a few charts that show just how bizarre New York’s tax system is, and how renters are getting screwed.
East Village–Lower East Side Historic District approved by Landmarks
October 09, 2012 03:30PM
The Landmarks Preservation Commission today approved slightly modified version of the East Village/Lower East Side Historic District, according to a press release issued by the Greenwich Village Society for Historic Preservation. The territory covers 330 buildings across 15 blocks bounded by Avenue A and the Bowery and St. Mark’s Place and 2nd Street.
According to the release, the historic district was expanded to include structures such as the Russian Orthodox Cathedral at 59 East 2nd Street and the Magistrate’s Court at 32 Second Avenue, which now operates as the Anthology Film Archives. As Crain’s reported earlier today, other structures in the district include the firmer Fillmore East concert venue and the German Evangelical Lutheran Church.
The landmarking came as an effort made by preservation groups to preserve the character of the East Village. The decision comes as NYU will expand its campus just west of the district. — Zachary Kussin
City Council approves UWS historic district
October 04, 2012
The City Council’s Landmarks committee has approved an expansion of the Upper West Side’s historic district. The district will expand to include blocks between Broadway and Riverside Drive, between 79th and 87th streets. It is one of several proposed expansions of the historic districts on the Upper West Side. The City Council, in a full vote, is expected to approve the expansion, okayed by the Landmarks Preservation Commission, as well.
Property owners within the district will now have to get changes to their buildings approved by the Landmarks Preservation Commission, the city agency that deals with renovations and changes to landmarked buildings, as well as designates landmarks and historic districts.
Source: The Real Deal
The brief article below makes it clear that the City’s down-zoning in Woodhaven and Richmond Hill will prohibit private developers from building new apartment complexes for low-income and immigrant families. This is just the latest of numerous down-zonings across the City that preclude private un-subsidized development of affordable housing. At the same time, the City is spending hundreds of millions of taxpayer dollars to produce subsidized affordable housing. Why not let the private sector produce that housing at no cost to taxpayers?
— Jack Freund, Executive Vice President, Rent Stabilization Association
(Views and opinions expressed are those of the author and do not necessarily reflect the policy or position of the RSA.)
Queens neighborhoods rezoned to fight off multi-family developers
August 03, 2012 05:30PM
In an effort to preserve the suburban character of the area, City Council voted to approve the rezoning of approximately 200 blocks in Woodhaven and Richmond Hill – the first zoning changes to the neighborhoods since 1961 – to limit multi-family construction, the Queens Chronicle reported. Pressure to rezone the area came after developers had begun demolishing freestanding homes and replacing them with apartment complexes to appeal to the many low-income and immigrant families moving to the area. However, the council did modify the proposal to allow larger-scale development on the block between 135th Avenue and Van Wyck Expressway north of Liberty Avenue.
The City Council also approved an upzoning, along Jamaica Avenue in Woodhaven and Atlantic Avenue between 104th and 121st streets, to encourage multi-family development over commercial buildings and meet the demand for housing near mass transit. According to the Department of City Planning, rezoning this area will ensure that the densest neighborhoods exist near mass transit, while keeping businesses confined to that area and off of residential blocks.
“After the council’s vote, residents of Woodhaven and Richmond Hill will finally see an end to development that destroyed the neighborhoods’ characteristic one- and two-family homes,” Council member Elizabeth Crowley said. “The new zone also encourages economic growth along Jamaica and Atlantic avenues.” [Queens Chronicle] – Christopher Cameron
Source: The Real Deal