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January 22, 2008

City Council bills would cost owners who warehouse property

Atlantic Yards Report

In November, I wrote about how Boston, unlike New York, has changed tax policies to give owners of vacant or abandoned properties not in tax arrears a reason to sell or build, and how Manhattan Borough President Scott Stringer was pushing for new policies in New York.

Now, as the Daily News reported last Wednesday, such empty buildings north of 110th St. would lose a tax break under state law.
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What might such changes have meant for the Atlantic Yards footprint? They would've provided some more revenue to the city, and might have pushed the owners warehousing property to sell or build. And such laws would've provided an alternative to declaring stagnant properties blighted, as the state has determined.

In other words, eminent domain isn't the only tool to revitalize an area that has empty buildings or lots.

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NoLandGrab: Interesting, though we're pretty sure that most ardent libertarian property-rights anti-tax activists are cringing at the notion of such legislation.

Posted by lumi at January 22, 2008 5:09 AM