Tax Breaks Look Good from 90 Stories Up
Thursday, January 15, 2015
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One57, under construction in the Spring of 2013, now towers 90 stories above West 57th Street. (Oliver Morris/Getty)
New York City’s real estate market is booming. And much of that activity is concentrated, quite literally, at the very top of the market — in those new multimillion-dollar penthouses that are piercing the clouds from midtown to Tribeca. Taxes from real estate sales flow into the city's general fund, where the money can be used for schools, police, firefighters and libraries. Last year, those taxes added up to an estimated $2.5 billion, the highest since right before the recession. But some lawmakers and housing advocates say these ultra-expensive apartments are driving up prices for the rest of us and a flawed tax system means big spenders are getting big tax breaks.
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JESSICA GOULD
Jessica Gould covers politics and public finance for WNYC.
