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The city’s convoluted property tax system overtaxes large multifamily buildings, making it harder to build enough apartments to solve the city’s housing crisis.
That’s according to a new report on the system called “Footing the Bill” released last week by the Community Service Society and the Progress and Poverty Institute. The organizations are calling for an overhaul of the city’s property tax system — a rare agreement between progressive groups, fiscal organizations and landlords.
The report finds that residential properties with between one and three units pay an effective tax rate of only 0.7% of their value, while apartment buildings with more than 10 units face an average effective tax rate of about five times as much.
The lowest property taxes are levied on homeowners, especially those who live in areas with fast-rising property values. And areas dominated by Black homeowners pay property tax rates that are double those of primarily white neighborhoods.
The system “benefits the haves over the have not,” the report concludes.
Read more here about the report that puts anti-poverty groups in agreement with real estate organizations on what needs to be done to make housing affordable in NYC.
Weather ☔
Warm and stormy, with a high of 69 and a chance of thunderstorms in the afternoon.
MTA 🚇
The downtown 1 train skips 86 Street and 79 Street in Manhattan from 9:45 p.m. to 5 a.m. all week. Find all the MTA’s planned changes and the latest delays here.
Alternate side parking 🚙
It’s suspended today, Mar. 31, for Eid al-Fitr.
By the way…
It’s going to be a rainy week: read our guide on flood insurance to see if you might need it (yes, even as a renter).
Our Other Top Stories
“We’re going to continue to fight to get our matching funds,” Eric Adams said during his weekly media briefing last week. “We know how to do this.” But emails obtained by THE CITY tell a different story: so far, his campaign has made zero effort to appeal the Campaign Finance Board’s decision to deny him funds.
For years, a cash pot known as the Health Insurance Stabilization Fund has been used to pay insurance premiums for city workers. But that fund’s balance hit zero last October, and the only reason it hasn’t affected the roughly 960,000 city workers who rely on the benefits is because the city has been picking up the tab — and that may be about to change.
ProPublica found that the mayor championed the NYPD’s Community Response Team despite a pattern of aggressive and often abusive policing flagged by department officials. Now lawmakers and advocates are demanding change, including calls to disband the unit.
Reporter’s Notebook
Mayor Can No Longer Use City Hall Emails to Boost His Name
Mayor Eric Adams is taking his name off direct outreach sent out to New Yorkers to comply with the City Charter.
The “Hear from Eric” newsletter, launched in 2023, was changed to “Hear from City Hall” last week. It still shared accomplishments from the previous seven days, links to upcoming events, and a special message – although it was signed from the “team at City Hall” instead of the usual “Your mayor, Eric.”
A spokesperson for the mayor said they are adhering to a rule in the Charter that restricts public officials who are seeking election from appearing or participating in any ads on TV, radio, or in print and online paid for by government funds from the beginning of the year.
Other direct-to-mayor initiatives, like the “Hear from Eric” text line, are still up.
Adams is seeking re-election despite raising little money over the last fundraising campaign and being denied matching funds.
— Katie Honan
Things To Do
Here are some free and low-cost things to do around the city this week.
Monday, Mar. 31: Celebrate Trans Day of Visibility at the Bronx Academy of Arts and Dance (BAAD!) with film, music and poetry. 7:30 p.m.
Monday, Mar. 31: Filmmaker and journalist David France, creator of How to Survive a Plague, presents a talk on art and activism during the AIDS epidemic. The School of Visual Arts, 6:30 p.m.
Tuesday, April 1: Attend the 40th annual April Fool’s Day Parade, a satirical event that ends in the crowning of this year’s King or Queen of Fools. Starts at 5th Ave and 59th Street, 12 p.m.
THE KICKER: On this day in 1998, former Manhattan Congresswoman Bella Abzug died. She was a leader in the feminist movement and the second Jewish woman elected to Congress.
Thanks, as always, for reading. Make it a great Monday.
Love,
THE CITY
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