The NY legislature just approved a bill tp give tax breaks to five new condo projects in New York City. Joe.My.God reports:
The New York state legislature has approved a bill sponsored by GOP Sen. Martin Golden that will grant tax breaks to the owners of multimillion dollar apartments at five skyscrapers presently under construction in Manhattan. The millionaires buying apartments in a soaring tower rising on 57th St. will get more than sweeping views of Central Park: They’ll also be eligible for massive city tax breaks. So will the homeowners and builders of four other luxury Manhattan condo and rental developments. Language quietly inserted into a bill that sailed through the state Legislature singled out the five developments to make them eligible for tax breaks — which could cost the city tens of millions of dollars in property taxes, the Daily News has learned.
Good time to be a jillionaire – but then, when isn’t it?