Updated: Apr 27
The New York City Council and the Mayor's Office has let us down. A major reason for the non-affordability of housing is our property taxes regime in New York City. We have some of the highest property taxes in the United States and too many wealthy landlord like NYU, Columbia and Madison Square Garden are not paying their fair share. These landlords pay no real estate taxes - ZERO.
Landlords charge more when taxes are higher and rents go up when universities gobble up housing in our neighborhoods. We need #propertytaxfairness and we need it now.
Sean Hayes 4 NYC's Revenue-Neutral Property Tax Plan proposes the taxing of alleged "non-profit" mega-rich landlords, taxing all non-profits with vacant lots, while lowering the property taxes of all and exempting the property taxes for lower-income seniors and disabled veterans.
The following proposal shall assist in decreasing rents and taxes for millions of low and middle-income residents of New York City. The Sean Hayes Revenue-Neutral Property Tax Property Plan is revenue neutral, meaning that we shall not lose a dime of tax revenues for New York City.
Revenue Neutral Property Tax Reform Plan
Exemption in Property Taxes for all Seniors that earn less than US$ 70,000 per year.
Exemption in Property Taxes for all 100% disabled veterans earning less than US$ 70,000 per year.
A 1.95% Cap on Property Tax (of Annual levy).
Charge Property Taxes on Mega Wealthy Private Landlords such as Madison Square Garden, Columbia University (c. $10 Billion endowment) and New York University (c. US$ 4.5 billion endowment).
Repeal the Tax Exemption on all Non-Profits that own vacate lots. These lots are, simply, investment opportunities and are not being directly used by these non-profits for the purpose of the non-profit. Many of these non-profits are directors that make many hundred of thousand dollars each year. The squatting on these empty lots by non-profits leads to blight and underutilization of needed real estate.
We Need Tax Fairness
Columbia University and New York University are buying up our City, while raising tuition and housing costs on students every year and causing an increase in our rents - all while they pay ZERO tax. These schools are "non-profits" in name only. The stakeholders of these universities are rich.
These rich and NY distant Ivory Tower types are living off the back of students, parents and taxpayers. We need fairness in taxation. We need to ALL pay our fair share, including, these mega-rich landlords.
How can a private landlord compete against a university landlord that pays no taxes? This unfairness leads to the university chasing out more landlords that rent to non-students (and these landlords selling to Columbia and New York University), thus, leading to less affordable housing for us all, because of the decrease in housing stock for non-students.
As noted by noted Reuters' finance journalist, the wealth and expansion of universities "is driven in part by the fact that it can extract more economic value out of property than other actors, thanks to all property it buys automatically becoming tax-exempt." Tax-Exempt Universities are Buying Up NYC Real Estate.
Mr. Salmon, additionally, asserts that the elimination of NYU's and Columbia's tax exempt status shall help "pretty much everybody."
We need a more equitable real estate tax system that more equally shares the burden among ALL taxpayers. The following proposal is a start in the right direction.
(Candidate for New York City Council in District 1)
Pragmatic Solutions through Experienced Leadership
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