Recent Blog Posts
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The Times' Rorshach Geithner Story
Apr 27 20099:04am EDT -
Sinking Animal Spirits
Apr 27 20098:04am EDT -
Counter-cyclical Urban Policy
Apr 26 200910:04am EDT -
Be Your Own Counterfeiter
Apr 26 20099:04am EDT -
Being Tim Geithner
Apr 25 200912:04pm EDT -
Notes From a Press Conference Naif
Apr 25 20099:04am EDT -
What Good is the News?
Apr 25 20098:04am EDT -
Stressful Enough
Apr 24 20092:04pm EDT -
Not Regretting the Pound
Apr 24 20091:04pm EDT -
Introducing the New Ford Squeeze
Apr 24 20099:04am EDT -
Non-Economic Questions of the Day
Apr 24 20099:04am EDT -
The Stress Test Blind Alley
Apr 24 20098:04am EDT -
Happy Hour
Apr 23 20099:04pm EDT -
Recovery Without Rebalancing
Apr 23 20096:04pm EDT -
The Shape of Your Recession
Apr 23 20095:04pm EDT
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How the Housing Bill Could Help New York City
A significant beneficiary of the housing bill being voted on by the Senate today could end up being New York City - and other areas with relatively low property taxes. A part of the bill is a flat $1,000 property-tax deduction for couples who own property. Now in New York property taxes on a $1 million apartment can easily be $250 a month or less - which is $3,000 a year. The property-tax deduction therefore amounts, for some NYC homeowners, to a 33% decrease in property taxes. Given that, and given the plunge in tax revenues which is likely to hit NYC as the financial industry contracts, I should imagine that an increase in property taxes would be entirely doable for a mayor trying to balance the city budget. After all, net of the deduction, most homeowners would still end up paying less overall.
And New York City might well need the money if, as is looking likely, Albany fails to approve congestion pricing by April 7. I'm an optimist by nature, but I have no faith at all in Shelly Silver's propensity to do the right thing in this instance. With the city in favor and the Federal government offering large subsidies, the state has no business barring this from happening. But it probably will anyway.
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