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It’s unreal how bad NYC condo vs. house property tax disparity is. $2.15 million house in Bed-Stuy, taxes are $490/mo.: streeteasy.com/sale/1811884... $1.16 million 2BR/2BA condo in FiDi, taxes are $2,099/mo.: streeteasy.com/sale/1811603...

It’s a massive drag on new development, since we can build new condos but we can’t build new houses. And it makes me wince whenever somebody from another city says NYC’s property tax break for inclusionary housing means IZ here is “funded” – they’re giving you a “break” from an very high base rate!

They’re giving you a 100% break for 40 years! Of course it’s funded!

Show your work that at a 1% effective base rate (about half what it actually is), the benefits would exceed the costs to developers and they would take it voluntarily

You don’t even have to pay the mini-tax on the 40-year benefit anymore!

Only 150+ units in Zone A is exempt from the mini tax according to this write-up www.hklaw.com/en/insights/...