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Testimony Taxes

New York City Property Tax Reform

Testimony Submitted to the New York City Advisory Commission on Property Tax Reform

November 27, 2018
CBC makes recommendations for property tax reform to fix problems with transparency and equity of the system.
Video Taxes

The New York City Property Tax

Problems, Inequities, and Potential Reforms

September 13, 2018
NYC Advisory Commission on Property Tax Reform is charged with recommending reforms to make the NYC property tax fairer, simpler, and more transparent. CBC, the Regional Plan Association, and NYU Wagner convened a panel to discuss the current property tax system and the reforms that should be pursued.
Blog Taxes

New York City Homeowners

Who's Got the Unfairest Tax Burden of Them All?

September 12, 2018
One of the basic principles of good tax policy is equity: similarly situated taxpayers should have similarly sized tax bills. New York City’s property tax system does not comport with this principle.
Podcast episode City Budget

Episode 59: 1981

November 16, 2018
The data point for today is 1981, the year in which the State Legislature enacted S7000A, the landmark bill that formalized the current property tax system for New York City. A response to the Hellerstein case, which found the system was in violation of State law, S7000A essentially codified the status quo.

In doing so, it established a system of property classification, fractional assessments, caps, phase-ins, and class shares that is still with us 37 years later. These structural features and statutory requirements are the root of the system’s inequities and complexities. A home worth $500,000 can face the same tax bill as a home worth $1.5 million, while the value of a condominium unit, according to the City, is a fraction of its sale price. In fact, some buildings have values that are below the sale price of individual units. And commercial and rental property faces a higher average property tax burden than 1-, 2- and 3-family homes.

These inequities and problems have led to repeated calls for reform, including pending litigation. This past May, Mayor de Blasio and Speaker Johnson formed the Advisory Commission on Property Tax Reform. In September, the Citizens Budget Commission, the Regional Plan Association, and NYU Robert Wagner School of Public Service held a panel to discuss the problem, inequities and potential reforms
Testimony Housing

Testimony on the NYCHA Physical Needs Assessment

Submitted to the New York City Council Committee on Public Housing

November 15, 2018
NYCHA has an astounding $32 billion in capital needs, a nearly fivefold increase over the last decade. Today nearly all its properties require substantial rehabilitation.
Blog Transportation

Tsk-tsk on Governor’s TIF Proposal

February 02, 2018
The FY 2019 Executive Budget proposed to allow the MTA to create tax increment financing districts in NYC to raise revenue for capital improvements. Though TIFs can play a useful role, the proposal is flawed.
Op Ed Transportation

Latest value capture proposal could harm NYC

City taxes should not be diverted to the MTA without local input

March 22, 2018
While value capture makes sense in theory, any such arrangement should be tailored to specific projects and circumstances - with the agreement of the City.
Blog Economic Development

Breaking Down the Amazon HQ2 Deal:

Facts and Takeaways

November 21, 2018
Amazon has committed to creating 25,000 full-time high-paying jobs over ten years, investing approximately $2.5 billion, and building 4 million square feet of office space at its new headquarters in Long Island City, with the possibility of expanding to 8 million square feet and 40,000 jobs. To facilitate this investment, Amazon will receive benefits of up to $1.7 billion from New York State and $1.8 billion from New York City. This blog explains the incentive package provided by the State and City and offers five takeaways about the deal and its lessons for future economic development policy.
Report Economic Development

Managing Economic Development Programs in New York City

An Assessment of Progress

January 02, 2018
The de Blasio administration has made some progress on 5 CBC recommendations made prior to the start of Mayor de Blasio’s first term, but more work is needed to make EDC more effective.
Report Housing

Stabilizing the Foundation

Transforming NYCHA to Address Its Capital Needs

July 03, 2018
Rather than continue as the nation’s largest landlord, NYCHA should transition to an affordable housing steward employing a full range of strategies to preserve the affordability of its units.
Report City Budget

10 Myths About Balancing NYC's Budget

And 5 Ways to Lower the Cost of Government by $1B

December 06, 2002
The CBC prepared this document to clear up a series of common misunderstandings about the budget.
Report Economic Development

Economic Development Scorecard

2018 New York State Bill Tracker: May Update

May 08, 2018
New York State’s annual investment in economic development exceeds $4 billion, without sufficient disclosure of how the money is spent and what results are achieved.
Report Economic Development

Economic Development Scorecard

2018 New York State Bill Tracker

June 22, 2018
91 bills active in this session would create and expand economic development programs. Until reform is enacted, these bills should be halted.
Statement State Budget

Statement on the NYS FY2019 Budget

March 31, 2018
The budget gap will be closed using short-term measures instead of restraint in and reform of spending commitments.
Press Release City Budget

CBC Recommends Budget Strategies for Mayor de Blasio's Second Term

January 26, 2018
In order to reach, and then sustain, budget stability in the Mayor’s second term, the budget should contain spending growth; build reserves; reduce the size of the capital plan and the cost of capital projects; and strengthen finances at NYCHA and NYC H+H.
Report Health Care

Still a Poor Way to Pay for Medicaid

October 01, 2018
For more than 50 years New York State has financed its Medicaid program in a unique way: the State requires New York City and the 57 other counties to pay more for Medicaid than all other local governments in the nation combined.
Blog Housing

NYCHA's Untapped Assets

How NYCHA Can Maximize the Value of Infill Development

October 02, 2018
CBC illustrates how changes to an "infill" development project’s location or affordability mix can significantly affect revenue and units rehabilitated at NYCHA.
Blog State Budget

The State Budget Cap Has Lost Its Meaning

May 29, 2018
Keeping with Albany tradition, the state's leaders adopted the budget on the final day of last fiscal year in the wee hours of the morning with little debate and no transparency, once again proclaiming the budget complies with a 2 percent growth cap.