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Tuesday, June 25, 2013

Tax Breaks for the Wealthy = Less for Education

Michael Powell reports in the NY Times today how residential buildings that are not normally eligible for tax abatements get them.  The owner of a  $90 million apartment gets a tax break while education goes underfunded.
The latest evidence that our developers scour sidewalks for pennies might be found at the 90-story ziggurat known as One57, with his-and-her bathrooms, super deep freeze, titanium-reinforced views that reach to the Arctic, or at least Putnam County. The Extell Development Company recently sold a 14,000-square-foot penthouse (but does it have enough closets?) to a hedge-fund billionaire for $90 million. Bargain flats are still to be found at $18 million.

Read the full story here.

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