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June 23, 2007
Tell the Governor - Veto 421a
Tell Governor Spitzer that the 421-a property tax exemption reform bill is unacceptable in its present form:
A special provision would grant Forest City Ratner a property tax exemption for all of the market rate condominiums in Atlantic Yards—a break that could total up to $170 million in lost tax revenue for the city. No other developer or project is allowed to receive this lucrative tax break unless they include 20% affordable housing in each building constructed. Furthermore, the special provision allows Forest City Ratner to charge higher rents for its “affordable” units. This exclusive benefit is in addition to the developer’s request for an extraordinary $1.4 billion in tax-free housing subsidies.
Contact Governor Spitzer.
Call: 518-474-8390
or
Email: http://161.11.121.121/govemail
Posted by steve at June 23, 2007 10:23 AM